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If you are interested in hiring a remote team in Bangladesh, or even just individual remote employees in Bangladesh, then you have come to the right place!
Rivermate is an Employer of Record (EOR) that offers Bangladesh payroll solutions. As a Bangladesh payroll provider, we will cover everything from salary, benefits, employer-to-employee contributions, and especially payroll compliance in Bangladesh. We are confident Rivermate’s payroll solutions Bangladesh will help you grow as a business—because now, you won’t have to worry about your payroll solutions Bangladesh. We take care of everything payroll!
With Rivermate, you can run Bangladesh payroll services in just one click—regardless of currency, benefits, insurance, and your local labor laws. Everything is automated. Our priority is for you to focus on your company’s strategy and growth.
Our Rivermate Global Payroll services are made especially for startups and scaleups. We know that startups try to be extra prudent when it comes to choosing a payroll provider, so it is our mission at Rivermate to be your most reliable and cheapest payroll provider option. So if you’re looking for global payroll providers for small businesses, look no further and book a call with us now!
Once you've determined the best Bangladesh payroll option for your company, you'll need to collect some information from employees in order to add them to your payroll. Begin by acquiring their personal identification number, tax deduction card, and emergency contact information. When an employee begins working and provides you with their tax deduction card, they become a part of the social security system and are eligible for benefits.
As an employer, you must ensure that you are up to date on all of Bangladesh's payroll taxation rules. The country has a progressive tax system with rates ranging from 10% to 30%, but there is no social security tax. Employers must pay a 35% corporate tax rate as a non-listed entity or a 25% tax rate as a publicly traded entity.
Different industries have their own taxation rules that you must follow. Ready-made garment manufacturers, for example, may pay a corporate income tax of only 14% if certain conditions are met. Cigarette manufacturers, cell phone manufacturers, and other industries may face different tax rates.
Companies that wish to expand their operations globally have four different payroll options in Bangladesh. These payroll options are:
1. Internal Payroll. This payroll option is applicable for already established companies in Bangladesh. It includes devoting an entire Human Resources staff to running the company's payroll procedures.
2. Remote Payroll. Smaller firms may lack the capacity to handle their own payroll, but they may add their workers to the parent company's payroll. This action, on the other hand, requires considerable thinking. You must guarantee that you follow the rules and laws of each nation.
Working with a local outsourcing firm is one method to retain money in the local economy, but you'll still need to study all of the local rules and regulations, since you'll be held responsible.
3. Bangladesh payroll outsourcing: Outsourcing your payroll to an Employer of Record in Bangladesh, such as Rivermate, is another alternative for Andorra payroll outsourcing. We can manage all aspects of your payroll, including compliance. Send us a note and we'll get back to you as soon as possible!
It can be difficult to keep track of how much your company and your employees owe the Bangladeshi tax authorities. There are numerous taxes, tax brackets, and tax bodies to consider and memorize, which can be time-consuming and make your company prone to errors.
Companies that have a business presence in Bangladesh have different ways of managing payroll. However, most of the options you have for running payroll in Bangladesh are either expensive or require establishing a subsidiary in Bangladesh. The cheapest, most efficient, and most reliable payroll processing system in Bangladesh is by outsourcing payroll to Employers of Record (EOR) in Bangladesh. Rivermate is one of those Employers of Record.
At Rivermate, we offer you the most efficient, most compliant, and cheapest HR and Payroll Management services in Bangladesh. We do this by taking care of your payroll-related needs, such as keeping track of your employees’ financial records, including incentives, gross and net salary, and payslips, all the while staying compliant with the labor laws in Bangladesh. Because we do your online payroll management for you, you can have absolute focus on your business’ strategy and growth.
Rivermate is all about growth through collaboration and we achieve this by offering the most reliable yet cheapest services for managing payroll for small businesses in Bangladesh.
Employees may be sacked without notice or severance pay for misbehavior, or they may be demoted, barred from promotion for a year, fined, or cautioned. Otherwise, companies must offer early notice of termination to employees.
After a year of service, employees in Bangladesh receive a festival bonus. The bonus is paid twice a year and must be at least equal to the base salary.
In 2018, Bangladesh's national minimum wage was 1,500 Bangladeshi Taka (17.75 USD). This was increased to 8000 BDT (94.68 USD) per month in 2019 and to 8100 BDT (95.87 USD) per month in 2020. The minimum wage, on the other hand, may vary by sector. For instance, factory workers in Bangladesh earn a monthly minimum wage of $68. Although Bangladesh's compensation laws do not require employers to provide additional bonuses, employers frequently provide housing assistance, education subsidies, and transportation allowances in addition to a base salary.
The typical work week is 48 hours long, with an eight-hour workday. Adult employees, on the other hand, may work up to 60 hours a week.
It is strongly advised to get private health insurance. Because of the difficulties in financing public healthcare, private health insurance is often provided as a perk.