5:16 pm - Friday May 24, 1326

ICAB holds seminar on Labour Law 2006

Md. Mujibul Haque, MP, State Minister for Labour and Employment  said, under the companies Act 1991, CA firm should audit carefully the companies accounts so that 5 per cent of companies’ annual profit would be ensured for the benefit of the workers. The government is thinking about inclusion of CA firms to audit workers welfare fund along with OCAG under the new labor law.

Highlighting the government achievements, the minister said, the workers are the main force for these achievements. Bangladesh is a huge populated country with limited land area, became Seminar photofood sufficient due to hard working by our labor force in agriculture, the minister added.

As chief guest Md. Mujibul Haque, MP, Honourable State Minister, Ministry of Labour and Employment, GoB was present at a Members’ Conference on ‘‘Implementation of Rules and Regulations of Bangladesh Labour Law 2006’’ organized by the Institute of Chartered Accountants of Bangladesh(ICAB) at its auditorium, CA Bhaban, Kawran Bazar, Dhaka on Sunday 29 February 2016.

ICAB President Kamrul Abedin FCA gave welcome speech while Mikail Shipar, Secretary, Ministry of Labour and Employment, GoB was present as Special guest.

In the conference the keynote paper was presented jointly by Md. Aminul Islam, Joint Secretary, Ministry of Labour and Employment, GoB and Snehasish Barua FCA and ICAB past president AKM Rafiqul Islam FCA conducted the session as Session Chairman.

Kamrul Abedin said that discussion on ‘Implementation of Rules and Regulations of Bangladesh Labour Law 2006′ is very time befitting considering its vast relevance with the development of our nation focusing the rights and responsibilities of our labours. We all want a nation without poverty and unemployment. We all want an efficient, productive and effective working environment through our human resource development on ongoing basis through maintaining the good relationship between labours and employers, he added.

The ICAB President said, it is important to ensure, transparency, accountability and good governance. We are very much in favour of establishment of the right of our workers and labours who are the main force of our national development, he further said.

In the key note paper mentioned that section 11 of the Bank Companies Act, 1991 stated that no banking company shall employ or continue the employment of any person whose remuneration or part of whose remuneration takes the form of commission or a share in the profits of the company. How a banking company can pay WPPF when it contradicts with their principal law, the paper presenters said.

As per Section 234, Company will directly deposit 10% of 5% profit to the Government Welfare Fund but as per section 14 (3) of the Bangladesh Labour Welfare Foundation Act, the Trustees of the welfare fund will have to transfer 50% of the amount to Government Welfare Fund within 45 days of receiving the amount from the company. Who is going to make the payment to the Government Welfare Foundation, Company or Board of Trustees, they mentioned. As per section 240(1) of the Labour law, 2006, the amount allocated or accruing to the fund shall be available to the company for its business operation. However, as per Rule 236(3), company cannot take loans and advances from the fund, they said.