PCB Enforces Salary Cap for SOE Executives as Part of Cost-Cutting Measures

The Privatisation and Corporatisation Board (PCB) introduced a salary cap of MVR 90,000 for senior executives of state-owned enterprises (SOEs), effective January 2024 for two years, excluding banks. The measure aligns with President Muizzu's economic reform agenda. Local executives earning above the cap must be adjusted; technical staff are exempt; foreign directors are excluded. PCB instructed SOEs to amend contracts. This follows an October directive cutting salaries of political appointees and senior officials by 10% for two years. President Muizzu also forgoes 50% of his salary (to MVR 50,000) and ordered dismissal of 228 political appointees, saving MVR 5.7 million monthly.

The Privatisation and Corporatisation Board (PCB) introduced a salary cap of MVR 90,000 for senior executives of state-owned enterprises (SOEs), effective January 2024 for two years, excluding banks. The measure aligns with President Muizzu's economic reform agenda. Local executives earning above the cap must be adjusted; technical staff are exempt; foreign directors are excluded. PCB instructed SOEs to amend contracts. This follows an October directive cutting salaries of political appointees and senior officials by 10% for two years. President Muizzu also forgoes 50% of his salary (to MVR 50,000) and ordered dismissal of 228 political appointees, saving MVR 5.7 million monthly.

The Privatisation and Corporatisation Board (PCB) introduced a salary cap of MVR 90,000 for senior executives of state-owned enterprises (SOEs), effective January 2024 for two years, excluding banks. The measure aligns with President Muizzu's economic reform agenda. Local executives earning above the cap must be adjusted; technical staff are exempt; foreign directors are excluded. PCB instructed SOEs to amend contracts. This follows an October directive cutting salaries of political appointees and senior officials by 10% for two years. President Muizzu also forgoes 50% of his salary (to MVR 50,000) and ordered dismissal of 228 political appointees, saving MVR 5.7 million monthly.

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