Maldives takes steps to cut company costs; halt dollar salaries
PCB sent a circular to state-owned companies informing them of its decision to take measures to cut costs.
The Privatisation and Corporatisation Board (PCB) on Tuesday asked state-owned companies to stop paying dollar-denominated salaries and take measures to cut costs.
The PCB sent a circular to state-owned companies informing them of its decision to take measures to cut costs. The circular also said that state-owned enterprises should take measures to reduce costs.
Government businesses, companies and their subsidiaries have been asked to reduce travel and staff expenses.
The measures to reduce travel costs include:
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No trips abroad and in the islands except for official trips
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Minimise overseas trips and meet online with foreign customers and suppliers
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No travel in first class on official trips abroad that are not longer than 6 hours
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Minimise the company's expenses on trips paid by foreign parties
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Ferry trips in ferry service areas
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Reduce company expenses on sponsored trips
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Avoiding fairs and seminars except those that directly benefit the company
PCB also asked companies to avoid hiring employees even to posts in its approved administrative structure.
They have also been ordered not to do anything that would change the salaries and allowances of the employees without the permission of the PCB.
In addition:
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Plan work to be completed during official hours and do not work overtime unless absolutely necessary
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Stop paying dollar-denominated salaries and allowances to state-owned enterprises that generate dollar income
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Use relevant company staff and available resources to conduct trainings
In addition, paper transactions should be reduced and digital transactions should be increased. They have also been asked to reduce expenditure on refreshments and CSR and sponsorships.
Government-owned companies have been reformed to reduce government expenditure. Some companies have decided to liquidate while others have decided to merge.
