Inflation in Bangladesh jumped to 6.17 per cent in February, the highest in 16 months, driven by soaring costs of foods, further eroding the purchasing capacity of consumers.
Garment factories reverting to cash for wage payment: study
Star file photo
Star Business Report
Star Business Report
Garments factories are reverting to cash to pay wages and salaries to workers just months after they embraced digital payments at the height of the coronavirus pandemic, according to a new study.
The digitalisation of wages got a leg up after the government enforced countrywide shutdown to slow the spread of the deadly pathogen in April. The upward trend in payments through electronic platforms continued until June.
Later, the ratio of digital payments began to decline despite higher benefits of digitalisation such as decreased payroll processing costs, lost worker production time, and enhanced security associated with digital payments, said a press release citing the study.