MIFCO Implements Efficiency Measures

In a memo sent to all its employees yesterday, MIFCO informed that the board has decided to make these changes.

In a memo signed by MIFCO CFO Ilyas Haneef and sent to all the employees of the company, the company's board of directors on Wednesday decided to take certain measures as part of the 'MIFCO Efficiency Exercise' jointly undertaken by the Ministry of Finance, The Ministry of Fisheries and MIFCO to streamline the operations of the company.

Steps taken by MIFCO's board

• 20 per cent reduction in basic pay for senior and middle management leaders, including employees in the rank of CEOs to senior managers of MIFCO.
• Revise the structure to bridge gaps in the pay structure of the employees.
• Dismissal of employees with poor performance.
• Dismissal of employees on probation other than those required by the company at all times.
• Those who are contractual employees after attaining the age of 65 years should be sacked after three months' notice and contractual employees shall not be hired except in special circumstances.
• To amend the allowance rules, the government should stop giving deputy head allowances, engineering allowances, cane production allowances, risk allowances and non-practice allowances.
• Stop giving all ferry allowances except the villimale's ferry allowance.
• Contract employees other than those who are essential to the company will not renew their contracts beyond this month.
• Don't try anything extra unless you have to.
• Open to allowing those who wish to leave their jobs on their own with a three-month package.

The fishermen had recently protested against Mifco's poor financial condition and non-payment of dues. Following this, funds were released to the fishermen, but MIFCO later reduced the purchase price.