97 Fenaka employees apply for voluntary redundancy with four months' salary package
As part of Fenaka Corporation's efforts to reduce administrative costs, 97 employees have applied for voluntary redundancy under a scheme offering a four-month salary payout. MD Afeef noted that the company currently spends 90 million MVR monthly on salaries and emphasized that this measure aims to alleviate the financial burden caused by a surplus of underutilized staff. However, the move has faced criticism from some quarters, with allegations that the initiative is a politically motivated attempt to terminate specific individuals.
Fenaka Corporation Limited. | Copporate Maldives
As part of Fenaka Corporation Limited’s ongoing "rightsizing" initiative to reduce operational costs, 97 employees have voluntarily applied for redundancy.
Fenaka has stated that this is part of the ongoing reform efforts aimed at improving the company's financial situation.
According to an internal memo sent to staff on the first of this month, Fenaka Corporation has announced that employees who choose to resign voluntarily will be eligible for a four-month salary payout. Employees interested in this voluntary redundancy package were given until June 14 to submit their applications.
Providing details on the matter, Fenaka’s Managing Director Mohamed Afeef Hussain stated that as part of the ongoing efforts to reform the company, 97 employees have voluntarily submitted their resignations to date.
Afeef stated that when he assumed office on April 27, the company’s total workforce stood at 8,000 employees. He noted that the monthly expenditure on staff salaries alone amounts to approximately 90 million Rufiyaa.
Afeef further noted that the company's current workforce includes individuals who are illiterate, as well as those who remain at home sleeping during their scheduled duty hours. He stated that such issues are causing significant financial losses to the company, adding that the lack of funds for critical projects is a direct result of such wasteful practices.
Afeef noted that as part of the ongoing reform efforts, several employees whose roles have become redundant are currently being transitioned out of their positions.
Opposition groups allege that Fenaka Corporation has hired the highest number of employees in connection with elections since the current administration took office. Furthermore, many critics argue that the government's implementation of various new policies is a politically motivated move aimed at dismissing employees who hold opposing political views.
