To implement labor laws, Bangladesh establishes central fund for garment industry
According to the Financial Express report on May 29, in order to implement the labor law revised in 2013, the Bangladesh government announced the establishment of the Central Fund for the Garment Industry (CentralFund), which will start from the 2016/17 fiscal year (July 2016). All garment export enterprises charge 0.03% on the FOB price and deposit it into this fund. The central fund is divided into a beneficiary account and an unexpected expense account. The former is used to donate to workers and their families, and the latter is used to pay workers’ wages when the factory closes down. It can also be used for group insurance and health insurance premiums. If a worker suffers an accident at the workplace resulting in death or permanent disability, he or she can receive a donation of up to Tk 300,000, and if the accident causes illness, a donation of up to Tk 200,000 is available. To implement labor laws, Bangladesh establishes central fund for garment industry
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