Private banks seek time to implement minimum wage


FE Team | Published: January 26, 2022 21:28:49 | Updated: January 27, 2022 08:56:30


Private banks seek time to implement minimum wage

Owners and managing directors have sought more time to implement the minimum wage set for private bank employees by the Bangladesh Bank.

Top leaders of two forums of the banking sector met central bank Governor Fazle Kabir and other top officials on Wednesday to discuss the issue.

The Bangladesh Association of Bankers (BAB) is the group of owners. The name of the managing directors’ platform is the Association of Bankers, Bangladesh (ABB)

“They complained about some things. We’ve made those clear to them after review,” said central bank’s spokesman Serajul Islam. “They also sought time to implement the new rules. We said we would review the matter.”

The Bangladesh Bank on Jan 20 fixed the minimum monthly salaries the private banks can pay their employees. Trainee officers must be paid at least Tk 28,000 during entry. For other employees, the minimum salary will be Tk 24,000.

The central bank said it set the minimum salaries to encourage skilled people to take banking as a career. The newly fixed minimum salaries will be effective on March 1, according to a notice.

The central bank also said an officer’s salary will be a minimum of Tk 39,000 after the internship. They include assistant officers, trainee assistant officers, trainee assistant cash officers and officers of other equivalent posts.

Nazrul Islam Mazumder, chairman of Exim Bank and BAB, said after Wednesday’s meeting they discussed with the central bank “how difficult it will be” for them to implement the instruction from March 1.

The Bangladesh Bank on Wednesday issued a new circular to remove “confusions” over the previous one, saying it had never stated “unskilled workers must also be promoted” or “officials cannot be sacked for incompetence”.

The central bank said the confusion arose after some media published parts of the previous circular.

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