Dutch-Bangla Pack introduces financial wellness platform
Sept. 21, 2022
Dutch-Bangla Pack Ltd. (DBPL) is introducing Wagely, an online platform that will further help DBPL employees to manage their finances in a healthy, sustainable manner.
Financial challenges for middle-income workers
Managing financial worries is the number one issue in the everyday life for lower- and middle-income workers in Bangladesh as they are struggling to cover basic needs with little to no option to build sustainable savings. With limited access to conventional financial services, many are forced to turn to illegal lenders and loan sharks when in need of emergency cash to cover unexpected expenses. With predatory interest fees and little support for increasing financial literacy, many borrowers cannot repay their loans within the necessary time. The result is additional late fees that can quickly reach a multiple of the initial loan amount, forcing them into a cycle of debt.
Real-time access to salaries
DBPL is thrilled to be partnered with Wagely as it allows our employees real-time access to their salaries. Wagely would allow DBPL employees to take out a loan from their earned, but unpaid wages during times of financial need. Therefore, an employee can take a loan for 50% of his earned salary anytime of the month. At the time of salary disbursement, DBPL would pay the amount of the loan to Wagely and disburse the remaining amount to the employee. The service is mobile app based.
Our employees can now track and access their earned salary anytime between the traditional monthly pay cycle - including evenings, weekends, and public holidays. Even only a few days after launch, we already witnessed the positive impact of Wagely's solution on worker productivity and motivation. If employees are suffering financial stress, that will not benefit us either. The goal is to change how people are paid, all the while making an impact that will benefit the workforce and the companies hiring the workforce.
Digital salary payments
Wagely is yet another step DBPL is taking to help its employees take controle of their finances. In 2020, DBPL implemented a digital payroll system for all of its employees, providing them with a bank account to which their salaries are deposited directly. Additionally, all employees have been given a cheque book and bank card, allowing them to cash out their wages at their convenience or directly transfer funds to pay their bills. The bank cards are also used for payments at the Happy Shop.
About Dutch-Bangla Pack Ltd.
Dutch-Bangla Pack Ltd. (DBPL) is a joint venture company established in 2007. LC Packaging holds 50% of the shares while the remining 50% are held by local shareholders. DBPL is the leading producer of FIBCs in Bangladesh that currently produces Pharma Clean, Food clean, Intermediate Clean, Industrial Clean, Laminated FIBCs and HDPE/LDPE liners.
DBPL’s commitment toward quality, safety and efficiency is not only emphasised by their employee commitment programme, but also by the certifications it has obtained, such as ISO 9001, BS OHSAS 18001, ISO 14001, FSSC 22000 and SA 8000. With the accomplishment of the aforementioned certificates, DBPL is the first and single FIBC manufacturer in the world to have achieved these certificates in unison.