Loyalty has become a luxury few companies are willing to afford.
In the garment manufacturing sector, rising seniority can sometimes come with a subtle expiration date as long-term loyalty may be seen as a growing financial liability.
As workers accumulate years of service, companies are required to provide an annual increment of 10%, while other benefits and liabilities also increase over time.
For many companies, this can make retaining older workers less attractive. Once a worker's dues and other liabilities rise, the safer financial calculation may be to settle them according to law and bring the employment to an end.
But not MAS Intimates Bangladesh at the Karnaphuli Export Processing Zone in Chattogram. Five years of service here means something quite different.
Here, completing five years does not point a worker or an employee towards the exit. It earns them a 22-carat, 4-gram gold coin.
The Sri Lankan-owned lingerie manufacturer has turned long service into a tradition of recognition. Every worker, employee or officer who completes five years with the company receives a gold coin under its Long Service Award programme.
The recognition is repeated at every five-year milestone, meaning employees can receive coins after 10, 15 years and beyond. More than 4,000 employees in Bangladesh have received the award since it was introduced in 2016.
For workers who have spent much of their working lives on the factory floor, the coin has become more than a valuable object. It is a physical reminder that years of experience and loyalty are being counted as an asset rather than a cost.
Jhumur Begum, a shift-in-charge in the company's Lab and Inspection section, has received three gold coins. "I have received three gold coins so far. This recognition inspires me to remain focused on my work," she said.
Production-section worker Md Akash has also received three coins during his 16 years with the company. "I made a ring for my wife with the first gold coin I received in 2016. I have kept the other two for the future of my son and daughter," he told The Business Standard.
For this year's recipients, the award carries the same sense of achievement.
"I had heard about this award since I joined the company. I was very excited. This year, I received the award myself," said executive Bishakha Mutsuddi. "This recognition has not only inspired me but also made me more responsible."
A reward built around retention
The programme was first introduced in Sri Lanka in 2006 as the Gold Coin Recognition Programme and was later renamed the Long Service Award. It is now operated across the 14 countries where MAS Holdings has manufacturing and operational activities.
In Bangladesh, where the company started its operations in 2010, 4,142 employees have received gold coins since 2016. The number of recipients has risen from 129 in 2016 to 643 this year, with 104 in 2017, 179 in 2018, 268 in 2019, 207 in 2020, 373 in 2021, 629 in 2022, 624 in 2023, 536 in 2024, and 450 in 2025.
Nooranie Muthaliph, head of human resources and administration at MAS Intimates, said the programme reflected the values of the company's three founding Amalean brothers – Mahesh, Ajay and Sharad – who regard loyalty, trust, freedom and accountability as core principles.
"Working for a single organisation for a long time indicates a deep commitment and loyalty to the organisation," she said.
For a garment manufacturer, retaining that experience also has a practical value. "It is not possible to fully automate sewing in the garment industry. So, retaining the human touch and technical skills of workers is extremely important," Muthaliph said.
"Considering these factors, we have introduced the recognition programme alongside various benefits for employees. In Sri Lanka, even workers who have been with the company for 30 years have received this recognition."
The company is considering how the programme could evolve. "We consider it a Long Service Award and are thinking about redesigning the recognition programme in other ways instead of gold coins in the future," she added.
Bepza Executive Director (Public Relations) Abu Syeed Md Anwar Parvez described MAS Intimates as one of the best-practising enterprises across the country's EPZs.
"For many workers, receiving this Gold Coin Award is as prestigious as winning a gold medal at the Olympics or the SAFF Games," he told TBS.
Noting that "it's not just about awards", Parvez added that the company also provides free meals and transport to more than 5,000 workers across its two factories in the Karnaphuli and Chattogram EPZs. Pregnant employees receive a daily serving of nutritious fruit.
MAS Intimates also runs Abhimani, or Women Go Beyond, a programme that has been supporting women employees for 25 years. Every two years, selected female workers and staff members are given an opportunity to travel to Sri Lanka and gain experience through a competition recognising contributions in personal development, education, entrepreneurship and personal life improvement.
From 60 workers to a $100m-plus export business
The long-service programme is part of a much larger manufacturing operation that has expanded significantly since MAS Holdings entered Bangladesh.
According to BEPZA and company data, the global apparel manufacturer began operations in Bangladesh in late 2009 with just 60 workers. It now operates MAS Intimates Bangladesh at Karnaphuli EPZ and MAS Sumantra 2 Private Limited at Chattogram EPZ, which began operations in 2021 and produces bonding used in garment manufacturing.
The company also manufactures through subcontracting arrangements at two factories in Dhaka.
Its total investment in Bangladesh stands at $28.51 million, with 5,259 workers currently employed. It primarily manufactures intimate apparel, performance wear and outerwear for six major international brands.
Its largest customer is PBH, under which it produces Calvin Klein and Tommy Hilfiger products. Its second-largest customer is Marks & Spencer. Other brands include La Senza, Walmart, Victoria's Secret and Hugo Boss, with Bangladesh production focused mainly on intimate apparel for the US and European markets.
The company's exports from Bangladesh rose from $78.39 million in the 2019-20 financial year to $102.43 million in 2022-23. In 2025-26, its two EPZ factories generated $104.68 million in exports. The company has an annual production capacity of 142 million pieces of garments.
Muthaliph said the two Chattogram factories export products worth around $100 million to $120 million a year, while two subcontracting factories in Dhaka generate about $30 million in annual export earnings.
Why Bangladesh
MAS Holdings was founded in 1987 by the three brothers in Sri Lanka as a small lingerie manufacturing venture. It has since grown into one of South Asia's largest apparel manufacturers, employing 114,000 people globally and generating annual revenue of $2 billion.
The company decided around 2008 to establish operations in Bangladesh, attracted by the country's large apparel export market, competitive labour costs and business environment.
"The huge potential of Bangladesh's ready-made garment sector attracted the investment. While Sri Lanka's export earnings were $5 billion, Bangladesh's were $40 billion," Muthaliph said.
She also credited Bepza's one-stop services. "Bepza provides investors with one-stop services, including customs, industrial relations, administrative and engineering support, which made it easier to operate in Bangladesh. Labour costs here are competitive, while workers' skills and productivity are much higher than in other countries," she said.
The business has faced some difficulty securing new orders over the past two to three years, she said. "If the business becomes stable in the future, we have plans to expand the Chattogram EPZ factory and bring in new orders next year," Muthaliph added.