The government is considering revising the rate at which companies contribute to the Workers' Welfare Fund (WWF), a programme providing various welfare benefits to workers.
Currently, most companies are required to contribute 5.0 per cent of their annual profits to the fund, while the ready-made garment (RMG) sector contributes only 0.03 per cent.
The matter was discussed at a meeting at the Finance Division, attended by the finance adviser, labour and employment adviser, and power adviser.
Concerns were raised by a reputed international energy company, which argued that the existing contribution rate is high and discourages investment, urging a downward revision.
Officials at the meeting decided to review contribution models in countries such as India, Pakistan, Sri Lanka, Vietnam, and Cambodia before finalising any changes.
A senior official who attended the meeting told The Financial Express that the government is keen to introduce a uniform contribution rate across all industries to make the investment climate more attractive.
The Workers' Welfare Fund in Bangladesh, managed by the Ministry of Labour and Employment under the Bangladesh Labour Act, is designed to provide welfare services to workers.
Company contributions finance benefits such as medical assistance, financial support for workplace accidents and the families of deceased workers, and scholarships for their children.
jasimharoon@yahoo.com
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