WPPF Audit Services in Bangladesh

The Workers Profit Participation Fund (WPPF) in Bangladesh was established in 1982. It was introduced as part of the country’s efforts to promote workers’ welfare and ensure their participation in the profits generated by industrial enterprises. The fund is governed by the Bangladesh Workers’ Profit Participation Fund Act, which outlines the framework for the distribution of profits to eligible workers. The establishment of the WPPF marked a significant step towards improving labor relations and enhancing the financial well-being of workers in Bangladesh.

Workers Profit Participation Fund (WPPF) Audit | Right Solution 

Right solution provides WPPF Audit service in following ways : 
  • Establishment of Workers’ Participation Fund (WPF) within nine months after the end of the financial year.
  • Payment of five percent of profit to the Fund within nine months after the end of the accounting year.
  • Recalculation of the above five percent based on audited accounts.
  • Formation of a Board of Trustees comprising two worker-elected trustees and two management-appointed trustees, including at least one from the accounting department.
  • Payment of interest to the Fund at a rate of 2.5% above the bank rate or 75% of the rate of dividends on conventional shares, whichever is higher.
  • Interest accrues from the first day of the year following the relevant year for the organization.
  • Payment of interest by the organization if the amount is not utilized for investment in external securities.
  • Priority given to the Fund for conversion of available amounts into common equity capital, up to a maximum of 20% of paid-up capital or 50% of additional capital, whichever is less.
  • Investment of Fund amount as requested by the Board in specified securities.
  • Proper distribution of benefits to workers based on unit entitlement.
  • 100% distribution of annual income of the Fund to workers in proportion to their unit entitlement.
  • Payment of 100% of the net asset value of units to workers voluntarily leaving or terminated.
  • Payment of 100% of the net asset value of units to retiring workers or their nominal beneficiaries.
  • Calculation of net asset value of units by dividing the total net assets of the Fund by the number of units.
  • Annual computation of net asset value of the Fund and determination of each worker’s unit entitlement.
  • Issuance of additional units to workers based on voluntary contributions to the Fund.