Kabir Steel Re-Rolling Mills (KSRM), a concern of Kabir Group of Industries, has increased the salaries of 4,000 of its employees,in light of the soaring commodity prices.
The pay hike will take retrospective effect from 1 August this year and those earning less than Tk25,000 a month will be brought under the initiative, according to an official announcement made by the company on Thursday.
According to company officials, this hike will not affect the employees' yearly increment.
In January, all KSRM employees got a pay bump which helped them cope with the Covid-19-induced economic crisis.
Ali Akbar, a driver at KSRM, said, "Prices of all products have almost doubled over the past year. It has become a great struggle to feed and bear the expenses of the family. So, we are very happy as the company has decided to raise our salaries."
Shahriar Jahan, deputy managing director of KSRM, said, "The current market situation has made the lives of low-income people very difficult. The sudden rise in prices of daily essentials has affected people's lives to a great extent."
"The government has taken many steps to overcome the situation. We also wanted to do our part. KSRM has extended its support to those in need. This will continue in the future," he added.
Kabir Group is the country's leading industrial group in the steel, cement and shipping sectors. Around 8,000 people are currently employed in the group's 12 establishments, including KSRM Steel, SR Shipping, Kabir Oxygen Limited, KSRM Power Plant and Kabir Ship Breaking Industries.
Starting with shipbreaking nearly four decades ago, the group has now grown into the country's one of the leading steel manufacturers and the holder of the largest fleet of oceangoing ships. The current annual turnover of the group is around Tk7,000 crores. KSRM produces 7,00,000 tonnes of rods annually.