Guardian Life Insurance Limited has signed a Memorandum of Understanding (MoU) with the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) today, Thursday, to make insurance protection and healthcare services more accessible to workers and employees in the country’s knitwear sector.
Under the initiative, employees of BKMEA member factories will be able to access Guardian’s insurance services by paying an annual premium of only Tk 250. The package will include life insurance protection, 24/7 telemedicine services and discounts at more than 500 hospitals, which will be available to workers and employees as well as their family members.
Sheikh Rakibul Karim, FCA, Chief Executive Officer of Guardian Life Insurance Limited, and Mohammad Hatem, President of BKMEA, signed the MoU on behalf of their respective organizations at a ceremony held at a hotel in Dhaka.
As part of the agreement, BKMEA member factories will facilitate the enrolment of their workers and employees in Guardian’s insurance protection. BKMEA currently has more than 2,500 member factories, creating an opportunity to extend Guardian’s insurance services to a large workforce in the knitwear sector.
The event was attended by Ariful Haque Choudhury, Minister of Labour and Employment and Expatriates’ Welfare and Overseas Employment, as the chief guest. Also present were Md. Abdur Rahman Tarafder, Secretary, Ministry of Labour and Employment; Syed Sultan Uddin Ahmmed, Executive Director of the Bangladesh Institute of Labour Studies (BILS); Gunjan Bahadur Dallakoti, Acting Country Director of the International Labour Organization (ILO); Tapan Chowdhury, Co-Founder of Guardian Life Insurance Limited; Syed Nasim Manzur, Sponsor Director of Guardian Life Insurance Limited; Mohammad Rashed, Vice President of BKMEA and other development partners; as well as directors and senior officials from Guardian, and BKMEA.
In his remarks, Ariful Haque Choudhury said, “There is much to learn from today’s initiative. If the government works sincerely with private-sector initiatives such as this, there should be no difficulty in extending such healthcare support to workers across the country.”
He added, “The people behind Guardian and those who have built the organisation have each earned public trust over the years. We can draw lessons from this initiative and explore how the government can support the wider employment sector.”
Md. Abdur Rahman Tarafder said, “The initiative taken by BKMEA and Guardian Life Insurance Limited today is undoubtedly an important and timely step towards worker welfare in Bangladesh. The garment and knitwear industry is one of the country’s key economic drivers. Ensuring the life, health and social security of its workers is not only a moral responsibility but also a prerequisite for building a sustainable and competitive industry.”
Syed Sultan Uddin Ahmmed said, “If informal workers could be brought under an insurance scheme, it could mark the beginning of a significant model for Bangladesh. It could eventually be made mandatory for all factories, with the government linking it to various incentives.”
Tapan Chowdhury said, “I am pleased to say that Guardian has been able to earn people’s trust within a short period. The services customers will receive through this initiative will provide significant support to them. I am confident that such efforts will help the country move forward.”
Syed Nasim Manzur said, “Through this agreement, we are moving towards setting a historic milestone. The example that Guardian Life and BKMEA are creating together will add a new dimension to Bangladesh’s progress.”
Citing a research finding, he said improving the working environment can increase workers’ productivity by at least 10%. “The biggest issue is our human resources. People are Bangladesh’s principal natural resource. If we can develop our human capital and improve its quality, Bangladesh will certainly move further ahead,” he added.
Mohammad Hatem said, “I am grateful that you have taken such a good and noble initiative today. We work for the wellbeing of workers, and whenever we find something beneficial, we want to work with it. This is a shining example of that.”
Speaking at the event, Sheikh Rakibul Karim, FCA, said, “Through this partnership, we want to create greater financial security and reassurance for BKMEA’s members and workforce. We believe insurance is not simply a financial product. It is a promise of support during difficult times.”
The initiative will help bring insurance services to a significant number of workers and employees in the knitwear sector, taking Guardian Life Insurance Limited another step towards its goal of making insurance accessible to everyone.