MD of STO, Saheer stated some changes were planned and is being implemented to the operational flow of the company. These changes include work duration and allowances.
Largest corporation owned by the state government and public, State Trading Organization has taken action to cut down expenditure by deducting staff allowances.
Several employees of STO have reported to Avas Online that their section heads have informed of the changes brought to the remuneration and allowances. According to these department heads, overtime limit has been constricted while several additional allowances will cease. This includes Time, Food and Hardship allowances along with Professional allowance.
The company holds an overhead of approximately 1,000 employees under various departments and sections. Most of them note that with the sudden deduction in several of their allowances could count for decrease of MVR 1,000 from their total salary packages.
Some of the senior level officers from STO had affirmed that a memo circulated internally signed by Managing Director Ahmed Saheer said of bringing amendments to allowances in an initiative to reduce the recurrent expenditure of the company while staff allocation and department shifts are subject to occur as cited on the memo.
The changes to staff allowances will be announced next month.
MD of STO, Saheer stated some changes were planned and is being implemented to the operational flow of the company. These changes include work duration and allowances.
While STO has aimed to reduce the recurrent expenditure of the company, the largest enterprise in Maldives has made a net profit of MVR 61 million during its first quarter while second quarter recorded a net profit of MVR 55 million.
