Expatriate Remittances FY 2021-23 Overview
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Expatriate Remittances FY 2021-23 Overview

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Questions and Answers

What was the total amount sent as remittance by expatriate workers in FY 2021-22?

  • US$ 14,013.40 million
  • US$ 18,000 million
  • US$ 15,500 million
  • US$ 21,031.70 million (correct)

    • How much did the remittances increase in the first eight months of FY 2022-23 compared to the previous fiscal year?

  • 4.28 percent (correct)
  • 8.6 percent
  • 2.50 percent
  • 15.12 percent

    • What is the rate at which the government is incentivizing remittances?

  • 15.12 percent
  • 4.7 percent
  • 2.50 percent (correct)
  • 8.6 percent

    • What is the projected inflation rate for developed countries in 2023 according to the IMF?

    <p>4.7 percent</p> Signup and view all the answers

    Which event has significantly disrupted the global market system leading to inflation?

    <p>Imposition of sanctions on Russia</p> Signup and view all the answers

    What was the total number of expatriate Bangladeshi workers in 2015?

    <p>555,881</p> Signup and view all the answers

    Which year saw the highest number of expatriate Bangladeshi workers in Saudi Arabia?

    <p>2017</p> Signup and view all the answers

    In what year did the number of expatriate Bangladeshi workers in Oman drop to 3?

    <p>2020</p> Signup and view all the answers

    What percentage of total manpower exports did Saudi Arabia represent in 2012?

    <p>3.49%</p> Signup and view all the answers

    How many expatriate Bangladeshi workers were there in the UAE in 2022?

    <p>101,775</p> Signup and view all the answers

    What was the total number of expatriate Bangladeshi workers in 2023?

    <p>213,572</p> Signup and view all the answers

    Which country had the highest number of expatriate Bangladeshi workers in 2022?

    <p>Saudi Arabia</p> Signup and view all the answers

    What was the trend in the number of expatriate Bangladeshi workers from 2012 to 2022?

    <p>Increasing significantly</p> Signup and view all the answers

    What is the primary objective of enhancing skill standing arrangements with foreign PSPs?

    <p>To facilitate skilled migration and financial transactions</p> Signup and view all the answers

    Which country has signed an MoU with Bangladesh to send workers in housekeeping?

    <p>Japan</p> Signup and view all the answers

    What is a significant initiative the government has taken to enhance training quality?

    <p>Providing foreign training to instructors</p> Signup and view all the answers

    How many Technical Training Centers (TTC's) is the government planning to establish at upazilla levels?

    <p>41</p> Signup and view all the answers

    What is cited as the main challenge in the migration process in Bangladesh?

    <p>High migration cost</p> Signup and view all the answers

    Which initiative has been taken to reduce fraudulent activities of recruiting agencies?

    <p>Creating a database of recruiting agencies and brokers</p> Signup and view all the answers

    What is the role of foreign PSPs regarding wage earners' MFS accounts?

    <p>To provide credit to designated AD’s nostro account</p> Signup and view all the answers

    What is the strategy the government is using to target new labor markets?

    <p>Conducting market analysis for 53 potential countries</p> Signup and view all the answers

    What is the primary function of the Labor Inspection Management Application (LIMA)?

    <p>To perform important activities of the labor department</p> Signup and view all the answers

    Which institute is being constructed to enhance training and research on occupational health and safety?

    <p>National Occupational Health and Safety Research and Training Institute</p> Signup and view all the answers

    How many new licenses have been issued through LIMA from its launch until February 2023?

    <p>5968</p> Signup and view all the answers

    What initiative has been taken to create awareness about occupational health and safety?

    <p>Organizing seminars, symposiums, and various media campaigns</p> Signup and view all the answers

    What is a feature of the online Trade Union Registration Service launched by the department of Labour?

    <p>It allows for easy access to major services of the department</p> Signup and view all the answers

    Where is the National Occupational Health and Safety Research and Training Institute located?

    <p>Terkhadia, Rajshahi</p> Signup and view all the answers

    How are applications for factory layout plans and licenses submitted through LIMA?

    <p>Fully online-based</p> Signup and view all the answers

    What facilities are being introduced for female workers in the garment industry?

    <p>Safe secured housing in dormitories</p> Signup and view all the answers

    What is the main responsibility of the Department of Inspection for Factories and Establishments (DIFE)?

    <p>To create an investment-friendly environment</p> Signup and view all the answers

    How many inspections were completed by DIFE in the fiscal year 2021-22?

    <p>43,644 inspections</p> Signup and view all the answers

    What was the total number of complaints received by DIFE in FY 2021-22?

    <p>3604 complaints</p> Signup and view all the answers

    As of February 2023, how many complaints had been disposed of by DIFE during FY 2022-23?

    <p>2951 complaints</p> Signup and view all the answers

    In FY 2020-21, what was the total amount of financial benefit provided to female workers in maternity welfare benefits?

    <p>Tk. 47.11 crore</p> Signup and view all the answers

    What percentage of the cases filed in FY 2021-22 had been disposed of as of February 2022?

    <p>50.0%</p> Signup and view all the answers

    Which labor benefit is specifically ensured by DIFE for female workers?

    <p>Maternity Welfare Benefits</p> Signup and view all the answers

    What was the total number of cases filed at labor courts in FY 2020-21?

    <p>1421 cases</p> Signup and view all the answers

    Study Notes

    • In FY 2021-22, expatriate workers sent US$ 21,031.70 million in remittances, a decrease of 15.12% from the previous year.
    • In the first eight months of FY 2022-23, remittances rose to US$ 14,013.40 million, up by 4.28% year-on-year.
    • Government measures to curb depletion of foreign reserves include incentivizing remittances at 2.5% to promote legal channels and reduce costs.

    Global Inflation and Economic Impact

    • IMF projects global inflation at 4.7% in developed countries and 8.6% in developing countries for 2023, largely due to sanctions on Russia amid the Russia-Ukraine war.
    • Significant increases in commodity prices and currency market instability have disrupted the global market system.

    Expatriate Worker Statistics

    • In 2022, 53.92% of Bangladeshi expatriate workers were employed in Saudi Arabia, a significant increase from 3.49% in 2012.
    • The total number of expatriate Bangladeshi workers peaked at 1,135,873 in 2022, with a growing focus on skill development.

    Skill Development and Training Initiatives

    • Government implementing Technical Training Centers (TTCs) at upazilla levels to enhance skill development.
    • Collaborative projects with foreign countries for skill training, including a MoU with Japan for housekeeping professionals.
    • Over 10,69,958 trainers received skill development training through various institutes.

    Migration Process and Cost Reduction

    • High migration costs present challenges; government actions are focused on welfare and regulation of recruitment agencies.
    • DIFE conducted 43,644 inspections in FY 2021-22 and 32,872 by February 2023, promoting worker safety and rights.

    Worker Rights and Welfare

    • DIFE received and resolved over 3,600 complaints in FY 2021-22 regarding labor law violations.
    • Maternity benefits provided to 12,664 female workers in FY 2020-21, increasing to 8,075 female workers till February 2023.

    Use of Technology in Labor Management

    • Labor Inspection Management Application (LIMA) launched in 2018 facilitates all essential DIFE activities online.
    • As of February 2023, LIMA issued 5,968 new licenses and approved 1,554 factory layout plans, promoting efficiency in labor management.

    Occupational Health and Safety

    • National Occupational Health and Safety Research and Training Institute (NOHSRTI) construction is nearing completion for occupational safety training.
    • Awareness programs and campaigns aim to enhance health and safety standards in the workplace.

    Housing and Support for Female Workers

    • Construction of dormitories to provide secure housing for female workers in Chattogram (960 seats) and Bandor Narayanganj (620 seats) has been completed.

    Digital Transformation in Labor Services

    • The department has embraced digital services in line with Government’s Digital Bangladesh campaign, including online trade union registration and accessible public database for labor services.

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    Description

    This quiz explores the trends in expatriate remittances from FY 2021-22 to FY 2022-23, highlighting the changes in amounts and percentages. Analyze the impact of global commodity prices and governmental actions on foreign reserves. Test your knowledge on economic concepts related to remittances and their implications on balance-of-payment deficits.

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