HDC to terminate numerous employees and abolish positions created during recent election period
Following a directive from the Privatization and Corporatization Board (PCB) to reduce the workforce of state-owned enterprises by 33 percent, Housing Development Corporation (HDC) has decided to abolish several positions and terminate staff. While employees were initially offered the option of voluntary redundancy, the corporation has now begun issuing formal notices to those whose roles are being eliminated.
The Housing Development Corporation (HDC) has recruited a significant number of employees at its head office ahead of the upcoming elections. | HDC
The Housing Development Corporation (HDC) has decided to abolish numerous positions and terminate a large number of employees who were hired during a recruitment surge leading up to recent elections.
On June 18, 2026, HDC offered employees the opportunity to resign voluntarily with financial compensation packages. A significant number of staff members applied for redundancy under this scheme. Following this, the corporation issued a memo last Sunday announcing the decision to abolish several positions. Employees have been given until the 20th of this month to opt for voluntary resignation.
The company began issuing notices to employees on Tuesday, informing them via email that their positions have been made redundant.
HDC, which currently employs over 2,000 staff, is moving forward with significant layoffs following a directive issued by the Privatization and Corporatization Board (PCB) last April. The mandate requires state-owned enterprises to reduce their workforce by 33 percent.
As various state-owned enterprises move to downsize staff under the guise of cost-cutting measures, Fenaka Corporation—which continues to operate with significant financial losses—offered employees a voluntary redundancy package in early June, including four months' salary for those choosing to resign.
