Male’, Maldives – Finance Ministry on Friday raises the salary of Managing Director’s (MD) and Deputy Managing Director’s (DMD) of the state companies of Maldives.
A copy of the revised policy sent by the Finance Ministry to all state companies after categorizing and revising the allowances of state company’s Managing Directors, Chairmen and board members was received to local media outlet “Avas”. This statement shows that the salary of an MD in the state companies that are listed in the lowest category will receive an average increase of MVR 10,000 to MVR 15,000 in their salaries.
According to the new policy, MD’s of utility companies that are operating branches in more than 111 islands can get MVR 16,000 as “Hardship Allowance,” while DMD’s can get MVR 12,800 as their allowance every month. For the state companies that provide “Social Security”, Finance Ministry has decided to give MD’s MVR 12,300 as “Special Allowance for Social Security” and MVR 9,840 for DMD’s of the same companies.
However, the written consent from the Finance Ministry is necessary before the state companies pass and decide to give “Hardship Allowance” and “Special Allowance for Social Security.”
Basic salaries of state company’s MD & DMD:
|Category||Managing Director (MD)||Deputy Managing Director (DMD)|
|A||MVR 52,260||MVR 41,808|
|B||MVR 42,880||MVR 34,304|
|C||MVR 34,304||MVR 27,443|
|D||MVR 33,000||MVR 26,000|
|E||MVR 27,443||MVR 21,955|
In addition to this, Finance Ministry stated that allowance can also be given after reviewing the companies in category “A”, “B” and “C.” This allowance will be based on the financial rating of the companies varying from MVR 5,333 to MVR 30,000. Allowance for companies in category “D” and “E”, has been decided to be between MVR 8,000 to MVR 30,000.
According to the new policy, the MD’s of the companies in the highest categories are expected to receive a over MVR 113,000 as their salary, while the MD’s of the companies in the lowest categories can get approximately MVR 80,000, depending on their performance.
Initially, there was no specific guideline to revise a company’s performance, however, under the new policy established by the Finance Ministry, salary for board members of companies will be given under one certain guideline.
Finance Ministry noted in their statement that instead of reviewing all companies under one guideline, it is more important to have a specific guideline that can help categorize and revise the performance of the different types of state companies.