MIFCO Reduces Executive Pay Packages, Introduces Other Cost-Cutting Measures

The Maldives Industrial Fisheries Company (MIFCO) announced cost-cutting measures including a 20% salary reduction for senior and middle management, dismissal of underperforming employees, and elimination of various allowances. The decisions were made by the board of directors and communicated via a memo signed by CFO Ilyas Haneef. MIFCO media officer Ibrahim Saeed confirmed no salary cuts for ordinary employees. The measures follow protests by fishers over MIFCO's deteriorating financial situation, which also led to a reduction in fish purchase prices.

The Maldives Industrial Fisheries Company (MIFCO) announced cost-cutting measures including a 20% salary reduction for senior and middle management, dismissal of underperforming employees, and elimination of various allowances. The decisions were made by the board of directors and communicated via a memo signed by CFO Ilyas Haneef. MIFCO media officer Ibrahim Saeed confirmed no salary cuts for ordinary employees. The measures follow protests by fishers over MIFCO's deteriorating financial situation, which also led to a reduction in fish purchase prices.

The Maldives Industrial Fisheries Company (MIFCO) announced cost-cutting measures including a 20% salary reduction for senior and middle management, dismissal of underperforming employees, and elimination of various allowances. The decisions were made by the board of directors and communicated via a memo signed by CFO Ilyas Haneef. MIFCO media officer Ibrahim Saeed confirmed no salary cuts for ordinary employees. The measures follow protests by fishers over MIFCO's deteriorating financial situation, which also led to a reduction in fish purchase prices.

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