An official of "Digitech Incorporated" earns an annual basic salary of BDT 4,80,000. The company pays 8% of the basic salary of the official into a retirement plan; and covers 80% of the BDT 12,000 monthly health insurance premium on behalf of the official, The official also earns two (02) festival bonuses, each equivalent to a month's basic salary; and BDT 30,000 incentive bonus per year.

Calculate the total annual cost to the employer for this official's compensation.