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22 July 2024

Business Insider Bangladesh

Walton pays Tk 3.93cr to govt workers’ welfare fund

BI Desk || BusinessInsider

Published: 01:26, 8 July 2024  
Walton pays Tk 3.93cr to govt workers’ welfare fund

Photo: Collected

Walton Hi-Tech Industries PLC, the country's super brand and leading electronics manufacturer, has paid approximately Tk 3.93 crore to the Bangladesh Workers’ Welfare Foundation.

The amount has been paid to the fund under the Labour and Employment Ministry from the company’s financial year 2022-23 profits, reports a press release.

A nine-member Walton delegation, led by Additional Managing Director Nazrul Islam Sarkar, handed over a cheque to State Minister for Labour and Employment Md. Nazrul Islam Chowdhury during a programme held at the Secretariat in the capital on July 4.

The programme was attended by Labour and Employment Secretary Md. Mahbub Hossain, Walton Hi-Tech’s Deputy Managing Director Yousuf Ali, Senior Executive Directors Sharif Harunur Rashid and Sadekur Rahman, Additional Executive Director Hafiz Ullah, and Deputy Operative Director Minhaj Uddin.

According to the Labour Act, each company must pay 5 percent of the previous year's net profit, divided in the proportions of 80:10:10, to the Participatory Fund, Welfare Fund, and Workers Welfare Foundation Fund, respectively, following the Bangladesh Workers Welfare Foundation Act.

In line with this contribution, each Walton employee received Tk 19,838 in FY 2022-23 from the profit share of the fund.

Each employee received Tk 11,903 instantly, with the remaining amount retained in the WPPF.

From the total amount of Tk 39,36,54,464 in Walton Hi-Tech’s WPPF, Walton paid Tk 3,93,65,446 to the Bangladesh Workers’ Welfare Foundation Fund.