The Insurance Development and Regulatory Authority (IDRA) — Insurance Development and Regulatory Authority of Bangladesh is the only Government body for regulating and developing the insurance sector of Bangladesh since 2010 — has taken up an initiative to make all industries and factories in Bangladesh adopt group insurance.
Media reports maintained this adding IDRA in a recent letter requested the Secretary to the Labour Ministry to hold a high-level stakeholders’ meeting to devise implementation strategies even as it also sent another letter to the Financial Institutions Division to pursue the matter with the Labour Ministry.
The IDRA while underlining recent deaths and injuries suffered by a significant number of workers from fire and other incidents tarnished Bangladesh’s image globally further, reportedly, added that group insurance for workers has not been introduced in most factories and industrial units.
…If group insurance is introduced in factories, both the owner and workers will benefit, reportedly, stated the IDRA even as labour rights expert Jafrul Hasan Sharif maintained that all those who export goods in the apparel industry have group insurance, but very few of the remaining industries and factories have group insurance while Assistant Executive Director of the Bangladesh Institute of Labour Studies, Sultan Uddin Ahmed, on his part added the IDRA proposal is very good since insurance is a part of social security.
