Govt Sets Minimum Wage of Tk 18,001 for Tannery Workers

Bangladesh's plastic sector has seen robust export growth, with shipments rising by 21.25% in the first eight months of FY25, reaching $203.63 million compared to $166.59 million in the same period of FY24. This surge is attributed to rising global demand, diversified product offerings, and increased production capacity. European buyers are increasingly turning to Bangladesh as an alternative to China, creating opportunities for expansion

Four state-owned enterprises (SoEs) in Bangladesh reported cumulative losses of Tk 28,238 crore over 28 years due to inefficiencies. The Bangladesh Jute Mills Corporation (BJMC) closed 25 mills in 2020, incurring Tk 9,497 crore in losses over 28 years, with profits reported only once.

Aziz Pipes has been out of production since May due to a working capital shortage and accumulated losses of Tk 322.48 million by June 2024. The company's liabilities now exceed its assets, with negative equity of Tk 199.4 million in FY24.

The Ministry of Labor and Employment has announced a new minimum wage structure for tannery workers under the Bangladesh Labor Act, 2006. Effective from November 2024, the minimum wage in divisional cities and Savar is Tk 18,001, while in other areas it is Tk 17,048. Compared to the 2018 rates, wages have increased by 33.34%, with five grades introduced.

Kohinoor Chemical Company (Bangladesh) Limited has declared a record 50% cash dividend and a 10% stock dividend for the fiscal year 2023-24, marking the highest payout in the company’s history. This was approved during a board meeting on Tuesday. The company had previously declared a 40% cash and 10% stock dividend for FY23.

Standard Chartered Bangladesh has partnered with TK Group of Industries to provide trade solutions, including liquidity support and import financing. The agreement was signed by Luthful Arefin Khan, country head of transaction banking at Standard Chartered, and Tariq Ahmed, senior director of TK Group, at TK Group's Chattogram office.