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ICAB urged to cooperate to implement 5 per cent profit sharing with workers

The Bangladesh government has sought cooperation from the Institute of Chartered Accountants of Bangladesh (ICAB) for the implementation of 5 per cent profit sharing with the Workers Welfare Fund as per Labour Act. The meeting with the ICAB leaders held at Labour and Employment Ministry also discussed ways ICAB could help the government in implementing the Labor Act, which has a provision of 5 per cent profit sharing to the welfare funds for ensuring workers’ rights.

According to Labour Act, each company will have to pay 5 per cent of the net profit of the previous year at the proportion of 80:10:10 respectively to the Participatory Fund, Welfare Fund and Workers Welfare Foundation Fund established under a section 14 of the Bangladesh Workers Welfare Foundation Act, 2006.

If the auditors could raise questions about the law while preparing the audit report, the owners of the company will have to contribute to the fund as per the rules.

 
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