BKMEA appeals for product price adjustment in response to new minimum wage structure

The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) has requested the cooperation of the buyers forum, brands, retailers, and buyer's representatives to consider adjusting product prices in response to the recently announced minimum wage structure, set to be effective from December.

In a press release issued on Thursday, the knitwear organisation conveyed its expectation for stakeholders to implement a 5% increase on the per-unit FOB value for each shipment starting December 2023.

The association emphasised the importance of this adjustment to establish a sustainable business environment beneficial for both parties, fostering a win-win situation.

Without this necessary adjustment, BKMEA anticipates facing significant challenges in maintaining the quality standards and ethical practices expected by the brands and customers it serves.

The association has drawn attention to the additional costs incurred due to the newly-announced wage structure and seeks the understanding and contribution of buyers and brands to share in these costs. BKMEA highlighted the collaborative effort required to ensure the continued success of the knitwear industry in Bangladesh.