Deposit money to garment workers’ welfare fund properly
The Bangladesh Bank yesterday asked banks to deposit 0.03 per cent of the encashed export earnings at the central fund for the readymade garment sector's workers.
In June 2016, the central bank instructed lenders to deposit the money to the fund but there can be an allegation that some banks have not followed the instruction properly.
Lenders have not deducted the volume of the export earnings according to the rules, the BB said in a notice yesterday.
Against the backdrop, the quantity of the fund hasn't increased as expected.
Recently, the parliamentary standing committee on the ministry of labour and employment has alleged that the quantity of the fund hasn't increased commensurate with the country's export earnings as a result of negligence of some lenders.
This prompted the labour secretary to request Bangladesh Bank Governor Fazle Kabir to take measures to the end.
Banks have already been asked to send info on the deposited fund to the ministry aswell.
This is not the 1st time the central bank has issued such circular.
ON, MAY 29 in 2018, carrying out a letter from the labour and employment ministry, the BB issued a similar instruction to the banks.
The account of the central fund for the garment sector is maintained at the Ramna Corporate Branch of Sonali Bank in the administrative centre.
A garment worker or their heirs would get Tk 3 lakh from the fund in the event of death or grave injuries at the workplace.
In the event of illness or injury that render them disable or death outside workplaces, a worker or their beneficiaries would get Tk 2 lakh.
An employee will receive Tk 1 lakh if they face any workplace injury, which in turn causes mutilation however, not a permanent disability, based on the labour ministry.
Besides, the kids of workers will get Tk 20,000 in stipend if they manage a cumulative grade point average of 4.5 and above in the secondary school certificate examination.
Female workers have entitlement to Tk 25,000 as maternity benefits from the fund.
