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The Bangladesh Bank recently asked banks to deposit 0.03 per cent of the encashed export earnings in the central fund for the readymade garment (RMG) sector workers. In June 2016, the central bank instructed lenders to deposit the money in the fund but as some allegedly have not followed suit, the fund size has not increased as expected initially.
As the parliamentary standing committee on the ministry of labour and employment recently alleged that the volume of the fund has not increased in keeping with the country's export earnings due to the negligence of some lenders, the labour secretary requested Bangladesh Bank governor Fazle Kabir to take measures.
Banks have been asked to send information about the deposited money to the ministry as well, according to Bangla media reports.
This is not the first time the central bank has issued such circular. On May 29, 2018, following a letter from the labour and employment ministry, the Bangladesh bank issued a similar instruction to banks. The account of the central fund for the garment sector is maintained at the Ramna corporate branch of Sonali Bank in Dhaka.
A garment worker or his legal heirs would get Tk 3 lakh from the fund in case of death or grave injuries at the workplace. In case of illness or injury that render them disable or death outside workplaces, a worker or their beneficiaries would get Tk 2 lakh.
A worker will receive Tk 1 lakh if he faces any workplace injury, which causes mutilation but not a permanent disability. The children 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 are entitled to Tk 25,000 as maternity benefits from the fund.
Fibre2Fashion News Desk (DS)
The Bangladesh Bank recently asked banks to deposit 0.03 per cent of the encashed export earnings in the central fund for the readymade garment (RMG) sector workers. In June 2016, the central bank instructed lenders to deposit the money in the fund but as some allegedly have not followed suit, the fund size has not increased as expected initially.