Bonus figures for HDC staff disappear from system!

It has been revealed that the annual bonus for the employees of the Housing Development Corporation (HDC), which was usually given once a year, has not yet been paid for the year 2023.

According to the usual practice, HDC provides an annual bonus to employees in the following year. The allowance is given to all employees based on a certain percentage of their salary and benefits, excluding overtime. Although the previous year's annual bonus was usually provided to staff before August of each year, the 2023 annual bonus has still not been given to employees. Since September of last year, employees have been expressing concerns about the delay in receiving the bonus.

In addition to this, it has been noted that HDC employees have been putting significant pressure on the company's management to make a decision on the issue. Employees from multiple departments of HDC have taken the initiative to create a Viber group to express their concerns about the matter. According to a person who shared information with RaajjeMV on the condition of anonymity, many of the company's employees are included in said Viber group. The individual also revealed that employees have been calling for a quick resolution to the issue.

As a result of the increasing pressure from employees, RaajjeMV has learned that a decision was made after discussing the matter at the HDC board last month. According to reliable information received by RaajjeMV it has been decided to give the 2023 annual bonus to employees, and related information has been sent to the Ministry of Finance. RaajjeMV also understands that the bonus distribution process is currently halted at the ministry. However, RaajjeMV has confirmed that the information has not been officially shared with the employees.

Another person who provided information to RaajjeMV on the condition of anonymity, stressed that they had received information suggesting that the money allocated for HDC's bonus had been used for other government purposes. Further, someone familiar with the matter, citing HDC's Finance Department, told RaajjeMV that while the bonus amount was previously visible in the system, it is no longer visible now. Attempts to get a comment from HDC on the matter have been unsuccessful.

As HDC has ended 2024 without paying the 2023 bonus, many employees who were hoping to receive the bonus remain frustrated with the delay.

Further, HDC has not compiled and published its 2023 annual report and the company's audit report either. Similarly, the company has not held its 2023 Annual General Meeting and has not disclosed the reason for not doing so. The annual report and audit report for each year are typically compiled in the following year. The company's profits are determined and bonuses are distributed also in the following year.

HDC employees usually receive a double salary as an annual bonus every year. In 2022, the company's employees received more than MVR 20,000 as a bonus.