COMPENSATION AND BENEFITS - BANGLADESH

2:23 AM বেঙ্গল নিউজ হাব 0 Comments

COMPENSATION AND BENEFITS


LOCAL LAW REFERENCE

Bangladesh Labour Code, 2006

POLICY

♦  (YOUR COMPANY NAME). pays at least the total minimum compensation required by local laws, including all mandated wages, allowances and benefits to its workers and staff.

♦  (YOUR COMPANY NAME). does not pay less than the minimum wage prescribed by the local law to unskilled workers. To other category of workers, wages paid will be in line with those prevailing in the industry at the time, which also provides some discretionary income.


♦  (YOUR COMPANY NAME). posts legal minimum wage rates, overtime rates, benefit policies, and additional payment information in the native language.


♦  (YOUR COMPANY NAME). ensures that its contractor pays piece-rate workers at a rate at least equivalent to the minimum wages per month.


 If a piece rated worker is earning less than minimum wages in any month, the company pay remaining amount to him on voucher to maintain minimum wages.

PROCEDURE

    Under  supervision  of  CR,  company’s  Accounts  Department  and  Contractors  ensure  the  compliance against this policy.

    Company makes sure that salaries of employees are not deducted as a matter of punishment imposed from any superior to subordinate.

    Company reviews, if any compliant/objection are logged/raised through Suggestion Memo and discuss the matter with management and resolve it on priority basis.



SALARY

    Company makes sure that all the salaries of permanent employees are in accordance with the labor law and disbursed through an adequate procedure on given schedule.

    Paydays
o Employees who are paid on monthly or piece rate basis are paid within the seven working days of the next month. Each salary will include earnings for all work performed through the end of the previous payroll period.

o In the event that a regularly scheduled payday falls on a day off such as a weekend or holiday, employees will be paid on the first day of work following the regularly scheduled payday.

o If a regular payday falls during an employee's vacation, the employee may receive his or her earned wages before departing for vacation if a written request is submitted at least one week prior to departing for vacation.

    Salary of the workers includes all allowances and special allowances as admissible under the law.

    If any piece rated worker does not meet the minimum wage, organization pays him as arrears to meet the minimum wage.



GROUP INSURANCE

    As defined under the local laws (YOUR COMPANY NAME). has insured all its employees against death and injury leading to permanent/partial disability to the maximum legal coverage of Tk. 100,000/-.

 

OVERTIME

A. Overtime is calculated on the basis of “double the basic salary” calculation of over time per hour for the monthly basis worker is
BASIC SALARY X 2      .
26 (DAYS) X 8 (HOURS)

B.  Overtime calculation of per hour for the piece rate worker is

Total Earning on Piece Rate in Current Month
Total Working Hours (with OT hours)
C. Payment of overtime is made within 7th working days of each month with monthly wages.



BONUS


    A. Festival Bonus: Company provides two festival bonuses in a year as per the following regulations:
If the service length becomes 10 months or more then 100% basic in each festival.



If the service length becomes 8 months but less then 10 months then 75% basic in each festival.
If the service length becomes 6 months but less then 8 months then 50% basic in each festival.
If the service length becomes 3 months but less then 6 months then 25% basic in each festival.
If the service length is less then 3 months then as per the management approval a lump sum amount provide in the festivals.

    B. Attendance Bonus: If any worker never being absent and late in any month, then he/she will get the attendance bonus.

    Company makes sure that all the permanent employees receive bonuses on time,



RESPONSIBLE PERSON

    CR, Factory Manager and Head of Admin are responsible for:

o Proper communication of company’s policy on minimum wages, overtime compensation rates, legally mandated benefits and additional payments.
o Organizing meetings and training programs to ensure that the policy is properly communicated and understood, the minutes of the meeting are then recorded and circulated to all the participants as per distribution record list.
o For maintaining the records of 2nd party and 3rd party inspections.

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