Number of SOE Employees Increased by 2,300 in Second Quarter
Photo: FENAKA
According to the latest data published by the Privatization and Corporatization Board (PCB), there were over 36,700 employees working at state-owned companies in the second quarter of 2024.
PCB’s second quarterly report for 2024 shows that by the end of June last year, over 36,753 employees worked at state-owned institutions; 11,550 were from government-funded companies while 25,203 employees were from self-sufficient companies.
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Although PCB states that 36,753 people are employed in state-owned organisations, the numbers provided in the report do not match. The total number of employees in the company profiles of the report is 34,368, of which 27,356 are men and 7,012 are women. The report does not include employee information from Dhiraagu, Bank of Maldives (BML), or Maldives Islamic Bank (MIB), which did not provide employee information to PCB. It also did not include the company profile of Regional Airports of the Maldives, which was included in the first quarterly report last year.
This is an increase of 2,348 compared to the first quarter of 2024. In the first quarter, 33,285 employees worked at state-owned companies. The total sum of employees listed in the company profiles amounted to 32,020, out of which 25,597 were men and 6,423 were women.
FENAKA, a budget-supported SOE, is the company with the most number of employees. They have 7,045 employees as of the second quarter of 2024.
Companies With More than 100 New Hires in Second Quarter
Eight companies hired more than 100 employees in the second quarter. They are:
Road Development Corporation (RDC): 670
Housing Development Corporation (HDC): 592
FENAKA: 502
Maldives Airports Company Limited (MACL): 254
Waste Management Corporation Limited (WAMCO): 241
Maldives Ports Limited (MPL): 175
STELCO: 109
Maldives Transport and Contracting Company (MTCC): 108
Although the total number of employees in some companies decreased in the second quarter, they remained between two and five. Public Service Media’s (PSM) total number of employees decreased from 440 in the first quarter to 423 in the second quarter, a total of 17 employees.
