Bangladesh

Bangladesh has one of the emerging and growth-leading economies in the world. Its economy ranks 29th in purchasing power parity and ranks second in South Asia, after India. Bangladesh's major industries include textiles, pharmaceuticals, shipbuilding, steel, electronics, energy, construction materials, chemicals, ceramics, food processing, and leather goods. It is also one of the Next Eleven emerging markets.

Major economic hubs:

Dhaka, Chittagong, Rajshahi, Khulna

Skills in demand:

Data Analysis, Customer Service, IT Skills, Digital Marketing

The employment laws of Bangladesh are governed by the Labor Act of 2006 and Labor Rules of 2015. In order to onboard an individual, the employer must know the  statutory provisions and regulations related to employment conditions in Bangladesh. This section mentions all the necessary information.

Employee Contract:

‍Employment contracts are preferred in the local language - Bengali or English, whichever is locally used. The employer has to mention all the required details of the employee along with bonuses, allowances and leaves.

Probation Period:

The probationary period followed in Austria ranges between three to six months.

General Components of Salary Package in Bangladesh

Salaries are one way companies recognize and reward their employees for working hard. Salaries may include both monetary benefits like pay rates, bonuses or profit sharing agreements as well as non-monetary rewards such as health care plans with no deductibles that come straight out of your paycheck every month.

Resident Tax Information

The residents of Bangladesh are taxed on their worldwide income, but they may be eligible for foreign tax credits if the money was earned in certain countries.

The income taxes for residents of Argentina are below —

Social Security

In Bangladesh, there is a social security system that provides for pensioners and disabled citizens. It's not mandatory to participate in this program; however some employers do contribute 5% of their profits towards the Workers Profit Participation Fund.

Statutory Benefits

The employee benefits that an employer must provide their employees in Bangladesh include:                                            

• In the interest of employee well-being, all employers must provide their employees with statutory leaves from time to time.

• Employees who have completed at least one year of employment services in Bangladesh are entitled to festival bonuses. Two such payments, which amount equal to their basic salary per month, will be given out every successful completion date,

• The maximum number of hours that an employee may work in one week is forty. Fridays and Saturdays are considered days off

• The maximum number of hours that an employee can work in a week is forty. Fridays and Saturdays are considered as days off, even though there's no provision for overtime pay under Bangladesh law or collective agreement with employers' organizations.
  

Fringe Benefits

In Bangladesh, fringes benefits are given to employees. These can be either monetary or non-monetary depending on the business requirements and budgets set for providing them as well as what goals one might want their company reach through this practice of offering perks that help attract quality staff members who will work hard towards achieving those objectives.

• Housing allowance  
• Meal vouchers or canteen at the workplace
• Additional paid time off
• Education subsidy
• Flexible work hours
• Transportation provided for the commute to and from work
• Business trip expenses

Exempt Benefits

Certain exempt benefits in Bangladesh include —                                        

• Insurance premiums

• Home rent allowances
  

Long-term Incentives

In order to motivate their employees and reward them for achieving long term goals, some employers offer these types of incentives. This is a great way that an organization can show appreciation while also shaping the future workforce by promoting hard work and dedication at key positions within its company.

Commonly provided long-term incentives in Bangladesh include —

• Certain employers provide employee stock options

• Voluntary contributions toward employer pension plans

• Private life insurance and health insurance covers

Termination Process

In Bangladesh, termination of employment can be made either by the employer or the employee. Some of the grounds on which an employer can terminate an employee include - Redundancy, medicinal incapacity, misconduct, and conviction of crime.

Notice Period

The notice period for employees during the probationary period ranges from 7 to 30 days, while for permanent employees the range is from two months to four months.

Severance Pay

A terminated worker is entitled to a compensation of 30 days' wage for every completed year of service. Beyond a term of 10 years of service, it will be 45-days pay for each year completed. For employees dismissed on the grounds of misconduct, the payment will be of 15-days for each completed year.