Salaries of SOE chiefs capped at MVR 90,000
The government has prioritised state-owned enterprise reforms as part of efforts to manage national debt.
The salaries of top executives in state-owned enterprises (SOEs), excluding banks, have been capped at MVR 90,000 from this month.
The Privatisation and Corporatisation Board (PCB) issued a circular Thursday instructing government-owned companies to implement the decision.
The directive follows the president’s decision to set a maximum salary limit for executives, excluding technical employees, as part of measures to reduce government expenditure under the economic reform agenda.
The salary cap will be in effect for the next two years. The circular outlines the following directives:
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Monthly salaries and allowances exceeding MVR 90,000 for board directors, including chairpersons, managing directors, and deputy managing directors, must be reduced.
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Salaries and allowances exceeding MVR 90,000 for non-technical employees in government-owned companies must also be adjusted.
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Employment agreements must be revised accordingly.
The government has prioritised state-owned enterprise reforms as part of efforts to manage national debt. A World Bank report on the Maldives has also recommended such reforms.
