BSEC or the Bangladesh Securities and Exchange Commission, which is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange and Chittagong Stock Exchange, has asked all listed companies about the formation of workers’ profit participation fund and workers’ welfare fund even as it found many companies were yet to form such funds.
Media reports maintained this citing the concerned BSEC officials.
The regulatory body recently sent separate letters to all listed companies in this connection and, after getting the information, the securities regulator would ask the companies to abide by the labour law.
As per Section 234 of the Bangladesh Labour Act, 2006, companies are required to establish WPPF and WWF and any company with a minimum paid-up capital of Taka 1 crore or immovable assets worth minimum Taka 2 crore will, reportedly, have to contribute 5 per cent of its net profit to workers’ welfare.
