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The government has decided to shut down all textile factories owned by the debt-ridden Beximco Group.
All workers and employees will be terminated effective from February 28, with payments for their outstanding dues set to begin on March 9.
The decision was made during a meeting of the Beximco Crisis Resolution Advisory Council, said a source who attended the meeting.
Ministry of Labour and Employment is scheduled to announce the developments at a press conference on Thursday.
The source said settling all worker dues is estimated to require Tk 5.5 billion to 6.0 billion.
Instead of receiving this amount from the government, Beximco Group had requested a Tk 1.0 billion CC loan per month to sustain operations.
The company claimed that, with Tk 4.0 billion in financial support, Tk 1.0 billion each month, it could have continued its import-export business while clearing worker payments.
However, the government has opted to proceed with the permanent closure of the factories, which are already under-layoff, without responding to Beximco’s request.