The Privatisation and Corporatisation Board introduced a MVR 90,000 salary cap for senior executives of state-owned enterprises, effective from January 2024 for two years, as part of broader cost-cutting measures that include a 10% pay cut for political appointees and the dismissal of 228 political appointees. The government says the measures aim to curb rising national debt and address economic challenges.
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The Privatisation and Corporatisation Board (PCB) has introduced a salary cap of MVR 90,000 for senior executives of state-owned enterprises (SOEs) as part of the government’s broader effort to reduce expenditure.
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This follows the president’s earlier directive in October to cut the salaries of political appointees, senior officials across all branches of government, heads of independent institutions, and members of parliament by 10% for two years.
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President Muizzu also announced that he would forgo 50% of his own salary, reducing it to MVR 50,000 per month.
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President Muizzu also announced that he would forgo 50% of his own salary, reducing it to MVR 50,000 per month.
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President Muizzu also ordered the dismissal of 228 political appointees, a move expected to save the state approximately MVR 5.7 million per month.
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President Muizzu also ordered the dismissal of 228 political appointees, a move expected to save the state approximately MVR 5.7 million per month.
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The decision, effective from January 2024, will remain in place for two years and applies to all SOEs except banks.
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