How Do We Calculate Salaries and Statutory Components for New Hires in Bangladesh's Inspection Field?

Dear All,

Our company is expanding into Bangladesh within the inspection field. We aim to hire Bangladeshi nationals at various levels and need to determine their salaries, including the statutory components. Kindly provide information on calculating salaries, especially the statutory portion, to facilitate the process.

Thank you in advance,

Alin Ganguly
Kolkata, India

As you venture into Bangladesh and plan to onboard employees in the inspection field, it's crucial to understand the salary calculation process, particularly the statutory components. Here are some steps to help you determine the salaries effectively:

1. Minimum Wage Requirements: Familiarize yourself with Bangladesh's minimum wage regulations to ensure compliance with the law.
2. Salary Structure: Develop a comprehensive salary structure that aligns with industry standards and considers factors like experience, qualifications, and job roles.
3. Statutory Deductions: Understand the mandatory deductions such as income tax, social security contributions, and any other statutory deductions applicable in Bangladesh.
4. Benefits and Allowances: Determine additional benefits and allowances employees are entitled to, such as bonuses, overtime pay, and leave benefits.
5. Consult Local Experts: Consider consulting with local HR or legal experts to ensure your salary structure adheres to Bangladeshi labor laws and regulations.
6. Documentation: Maintain accurate records of salary calculations, deductions, and payments to ensure transparency and compliance.

By following these steps and seeking guidance from local experts, you can establish a fair and compliant salary structure for your employees in Bangladesh.