MIFCO Cuts Working Hours as Cost-Saving Measure

The state-owned Maldives Industrial Fisheries Company has reduced official working hours for its head office staff as part of a cost-cutting measure.

In a memo issued yesterday, the company announced that working hours, previously from 08:00 to 16:00, will now end at 14:00. The decision was described as a response to special circumstances.

Under the revised arrangements, staff are required to obtain approval from their head of department by submitting a request form if they need to work beyond official hours. Overtime pay will only be granted for work exceeding eight hours per day.

The company indicated that the decision was influenced by the global economic slowdown linked to the ongoing conflict in the Middle East. The measure was implemented after considering employee conditions, while the company continues to face financial strain.

Across the region, the conflict has prompted several countries to adopt austerity measures, including reduced working hours, limited office attendance and expanded remote work arrangements.

To date, the Maldivian government has not introduced broad cost-cutting measures across state-owned enterprises or the civil service. Observers note that such steps were not taken ahead of the recent local council elections.

Despite efforts to maintain economic stability before the vote and the referendum on merging major elections, the results saw the Maldivian Democratic Party secure all city councils.

MIFCO’s decision represents the first visible cost-cutting measure within a state-owned enterprise and may indicate the possibility of further economic adjustments in the period ahead.