Gratuity Scheme and Compensation Benefits in Bangladesh
We want to start a gratuity scheme for our company. Please inform me about the gratuity policy in Bangladesh as per labor law. Also, what are the compensation benefits according to the labor law?
Regards,
Nipa
From Bangladesh, Dhaka
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3We want to start a gratuity scheme for our company. Please inform me about the gratuity policy in Bangladesh as per labor law. Also, what are the compensation benefits according to the labor law?
Regards,
Nipa
From Bangladesh, Dhaka
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It is considered a long-term financial benefit for employees, payable at the time of leaving the company upon completion of at least 5 years of service. However, every company has its own policy.
Regards,
Rabbany
From Bangladesh, Dhaka
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Regards,
Rabbany
From Bangladesh, Dhaka
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After completion of 5 years of continual service, a person will be eligible for Gratuity. In some organizations, it is 3 years as well. You can determine it based on your organization's intention. However, you cannot extend it beyond 5 years.
Regards,
Ashak
From Bangladesh, Chittagong
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Regards,
Ashak
From Bangladesh, Chittagong
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Gratuity is a long-term financial benefit given by the employer to its employees during separation. As per the Bangladesh Labor Law 2006, gratuity is not mandatory for employers. The gratuity policy depends upon the company's own resolution, which may be for 3 years, 5 years, or more.
By adopting a gratuity scheme within the organization, the organization can claim a tax rebate against the gratuity fund. For this, the organization has to form a gratuity fund trustee board similar to the provident fund scheme and get it endorsed by the NBR.
Regards,
Saikat
From Bangladesh, Dhaka
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By adopting a gratuity scheme within the organization, the organization can claim a tax rebate against the gratuity fund. For this, the organization has to form a gratuity fund trustee board similar to the provident fund scheme and get it endorsed by the NBR.
Regards,
Saikat
From Bangladesh, Dhaka
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