In a bid to streamline operations and reduce costs, Maldives Industrial Fisheries Company LTD (MIFCO) has announced salary cuts for its senior management personnel.
The decision, conveyed through a memo to all employees, stems from a recent meeting of MIFCO’s board of directors held on July 17. This initiative falls under the broader “MIFCO efficiency exercise” program, which is being overseen jointly by the Ministry of Fisheries and MIFCO itself.
According to the memo, senior and middle management will see a reduction of 20 percent in their basic salaries. This adjustment applies across positions from CEO to senior managers. Additionally, the memo outlines plans for standardizing the salary structure across all departments and implementing performance-based dismissals in accordance with company policies.
Furthermore, the memo details additional cost-saving measures, including the review and potential discontinuation of various allowances such as the Deputy Head Allowance, Engineering Allowance, Cane Production Allowance, Risk Allowance, and Non-Practice Allowance (except for overtime work).
MIFCO emphasized that these measures are aimed at optimizing operational efficiencies and ensuring that allowances are allocated to those employees who demonstrate the highest merit within the organization.
The company’s decision to implement these changes underscores its commitment to financial prudence and strategic resource management during these economically challenging times.
