By Asif Showkat Kallol (Dhaka Bureau)
At a time when global movements for human rights and social equity are demanding a reduction in economic disparities, a peculiar and contrasting economic philosophy seems to have emerged from the capital of Bangladesh. The core tenet of this new doctrine appears to be simple: ‘Raise salaries, solve every problem.’
Whether it is a declining stock market, persistent market manipulation, or the despair of small investors, the solution currently being pushed forward is an unprecedented salary hike for top government regulators. A proposal recommending a staggering 400 to 600 percent pay raise for the Chairman and Commissioners of the Bangladesh Securities and Exchange Commission (BSEC) has reached the highest levels of government, creating a stark contrast with the economic reality of the country’s ordinary citizens.
Measuring ‘Dignity’ in Numbers: A New Equation of Disparity
According to the proposal, it is recommended to raise the BSEC Chairman’s monthly basic salary from Tk 86,000 to Tk 600,000, and the Commissioners’ salaries from Tk 78,000 to Tk 400,000. If approved, this would mark an approximate 598 percent increase for the Chairman.
To put this into perspective, under the country’s current National Pay Scale, the Cabinet Secretary- the highest position in the civil bureaucracy- receives a basic salary of Tk 86,000. If implemented, the head of a regulatory body would earn nearly seven times more than the nation’s top bureaucrat. This news has already triggered a mild earthquake across Bangladesh’s civil service and other state institutions. Other regulatory bodies, including the Anti-Corruption Commission (ACC), are reportedly preparing to demand similar treatment, threatening to create a major administrative imbalance.
Corporate Logic vs. Questions of Morality
Proponents of this massive salary hike argue that managing capital markets requires highly specialized expertise in fields like corporate finance and international investment- professionals who command millions in the private sector. To attract such talent to public offices and shield them from external financial influence or corruption, a ‘competitive’ compensation package is deemed essential.
However, critics and veteran bureaucrats have sharply criticized this logic. An experienced official responded with a heavy sigh:
‘For years, we followed the wrong path. We believed that accountability, institutional reforms, and competence were what mattered. Now it appears the real reform was hidden inside the salary figure all along.’
Retail investors are equally bewildered by this philosophy. It begs the question: Can a six-lakh salary genuinely eliminate market manipulation, halt controversial Initial Public Offerings (IPOs), or stop insider trading? Does morality truly fluctuate with the size of a paycheck?
Public Hardship and a Policy Dilemma
At a time when ordinary citizens are struggling with soaring inflation, high commodity prices, and a rising cost of living, such sky-high salary proposals for a select few officials from the public treasury hint at a deeper social and economic injustice.
Skeptics continue to ask fundamental questions that the proposal leaves unanswered:
• Where is the framework to ensure accountability after such a massive expenditure?
• How will citizens evaluate the performance of these highly-paid officials?
• What empirical evidence connects higher salaries directly to better governance?
In today’s administrative culture, such questions may sound old-fashioned to policymakers. In this new doctrine, outcomes and public welfare seem to take a backseat to the glitter of big numbers.
Whether this proposal ultimately secures approval remains to be seen. However, it has already sent a concerning message to the public: ‘No matter the crisis, the solution is not reform or ethics- it is simply more money.’ And behind this multi-lakh dream, the economic struggles of ordinary people are once again being overshadowed.
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The Writer:
Asif Showkat Kallol: Works for a German-based online outlet, The Mirror Asia, as Head of News and is a Contributor at Pressenza- Dhaka Bureau.
