MIFCO shortens official working hours as part of cost‑cutting measures

The state‑owned Maldives Industrial Fisheries Company (MIFCO) has shortened official working hours for its head office staff as part of a cost‑cutting measure.

In a memo issued on Sunday, the company said working hours, previously from 08:00 to 16:00, will now end at 14:00. The decision was described as a response to “special circumstances.”

Under the revised rules:  

• Staff must obtain approval from their head of department by submitting a “Request for Working Hours Form” if they need to work beyond official hours.  

• Overtime pay will only be issued for work exceeding eight hours per day.

A senior MIFCO official told Sun the decision was driven by the global economic slowdown linked to the ongoing conflict in the Middle East. The official said the company considered employee conditions before implementing the changes.

The conflict has prompted several countries in the region to adopt austerity measures, including reducing government working hours, limiting office attendance days, and expanding remote work. MIFCO itself is facing financial strain.

To date, the Maldivian government has not introduced broad cost‑cutting measures across state‑owned companies or the civil service. Analysts argue the administration avoided such steps ahead of Saturday’s local council elections.

Despite efforts to maintain stability and avoid public austerity ahead of the vote and the referendum on merging major elections, the results saw the MDP secure all city councils.

MIFCO’s decision marks the first visible cost‑cutting move within a state‑owned enterprise and may signal further economic measures ahead.