RPCC revises estimate on funding target
In its 17th meeting on the 3rd December 2014, the Rana Plaza Coordination Committee (RPCC) reviewed the estimate of the funds required to pay all the awards issued under the Arrangement and future medical and allied costs for injuries from the Rana Plaza accident.
Based on a review carried out by the Rana Plaza Claims Administration in November of the awards made to 80% of the claimants and subject to further developments, the RPCA now estimates a revised total of close to US$30 million to fund all authorised payments and medical costs. This new estimate includes income replacement payments and medical and allied care costs. In addition, the RPCC has decided to authorise supplementary payments subsequent to full payments of all awards calculated under C.121.
Current Funds available for the payment of awards total close to $21 million including those direct payments to beneficiaries to be recognized under the Coordinated Scheme
The RPCC therefore estimates a current shortfall in required funds of approximately $9 million. Members of the RPCC remain committed to identifying avenues of funding which can meet this shortfall.
The Rana Plaza Claims Administration is now closed to new claims, except to a small group of claims related to missing and deceased persons, and the team are in the process of finalizing any outstanding claims. A skeleton staff will continue until March 2015 to allow for time for beneficiaries to query awards based on fact and calculation should they wish to so and to allow for the RPCA to evaluate any such queries, and to finalise medical treatment arrangements and to complete post award services. At the end, the final total amount required will be reported.