Unfortunately this gets worse, for the impact of greater regulation and the imposition of higher-than-market-wages on that regulated and formal sector can — indeed will — make it more difficult for people to leave the informal economy and enter the formal one. In this sense, it’s actually better that regulation of terms, conditions, and wages be weak, not strong.
No, not because it’s morally objectionable that people get a fair day’s pay nor that work is safe, but because too strict a set of standards means the vast majority of them are excluded from even the most basic and minimal protections.
Sadly, this is something that near no one in the rich countries understands, including most to all of those who sign petitions and drive the NGOs in their insistences. Which is why they keep insisting upon such damagingly expensive policies for those in the formal employment sector.
Again, this isn’t to say that people don’t deserve good wages and good working conditions. Instead, it’s just to insist that such things come with a cost. And in a poor — which Bangladesh still is, sorry — and improving — which Bangladesh most certainly is and for that, huzzah! — country, the people who suffer are those locked out in the informal sector.