Picard Bangladesh Ltd, a leather goods and footwear manufacturer, today signed a memorandum of understanding (MoU) with Apon Wellbeing Ltd to ensure the better health and wellbeing of its workforce.

The MoU has been signed as a part of the "Beyond Compliance Initiative" of Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB), according to a statement of LFMEAB.

Under the partnership, Apon will operate a "Fair Price Shop" for the staff and workers in the premises of Picard, also a member of LFMEAB, in Savar.

Packaged and non-packaged household necessities would be sold at the shop at up to a 10 per cent discount with credit facilities, which will help increase the disposable income of the workers, the statement read.

Speaking on the occasion, Md Saiful Islam, managing director of Picard Bangladesh Ltd and president of LFMEAB, said every aspect of workers' rights -- including decent work, women reproductive health, and fair price shopping -- must be upheld.

"To this end, we are committed to improving the lives of our workforce," Islam said in the statement.

He also hoped that workers will be able to buy quality products at a price less than that of the market through this initiative of Picard Bangladesh.