Renowned Bangladeshi garments manufacturer Crony Group has recently entered into a contract with Mitro Fintech Ltd. to ensure financial wellness for over 15,000 employees, per a press release sent to FS.
On behalf of Crony Group, Chairperson and BGMEA Director, Neela Hosna Ara, and Kishwar Hashemee, CEO and Co-Founder at Mitro Fintech Limited, inked the MoU at Crony Group's premises with Mitro in the presence of Crony Group, Managing Director, A.H Aslam Sunny, and Group Chief Financial Officer, Santanu Barua, aim to collaborate on making Mitro's early wage access product accessible to all its employees.
"The contribution of my workers is undeniable in overcoming various obstacles in the long 28th year’s journey of Crony Group. The Crony Group's reputation as a worker-friendly factory has always been intact. So from the very beginning, I have been committed and responsible in ensuring the safety and wellbeing of the workers," said Neela Hosna Ara.
According to an experiment conducted by the International Growth Centre, the general workforce reports having to cut meals at the end of the month regularly and struggling to make their incomes stretch until the next payday. This is where Earned Wage Access comes in to help the workforce overcome this cash crunch.
Earned Wage Access (EWA) is an employee benefit that allows salaried workers to access their earned salaries before payday. When employees are paid monthly, however, financial concern in times of crisis produces a significant drop in output. EWA ensures that employees have constant access to their hard-earned money, eliminating the need to wait to meet their financial obligations.
Mitro is a financial wellness platform based in Bangladesh that promotes financial wellness among the working masses by assisting businesses in efficiently managing payroll through its payroll software and increasing employee wellness and productivity through its Earned Wage Access (EWA) employee benefit.
Crony Group employees will now have instant access to their earned wages via Mitro, ensuring their financial stability and resilience. Employees can request and receive a portion of their accrued salary via the Mitro app without having to wait until payday, which would directly impact RMG owners with fewer staff migrations, increased productivity, and retention, reduced absenteeism, and increased employee engagement on a Bangladesh-made platform. This collaboration aims to increase worker awareness and adoption of Earned Wage Access, as well as support each other in educating and uplifting the financial health of their workers and employees.