Ministry of Finance revealed official amendments to the remuneration of Managing Director and Deputy Managing Director positions of State-Owned Enterprises (SOEs).
Moreover, the state body confirms the remunerations of MDs and DMDs of State-Owned Enterprises have been incremented post categorizing the SOEs in a specific hierarchy.
The ministry in a circular to all the SOEs following their review of salaries and allowances of company board members, Chairman as well as MDs and DMDs said that the Managing Directors of the lowest tiered SOEs will receive an increment to their salaries between MVR10,000 to MVR15,000.
Basic salaries of MDs and DMDs (Utility/non-utility corporations)
- Category A: MVR52,260 for MDs and MVR41,808 for DMDs
- Category B: MVR42,880 for MDs and MVR34,304 for DMDs
- Category C: MVR34,304 for MDs and MVR27,443 for DMDs
- Category D: MVR33,000 for MDs and MVR26,000 for DMDs
- Category E: MVR27,443 for MDs and MVR21,955 for DMDs
Based on the recent amendments to the remuneration of SOEs, the managing directors in the highest tier corporations will receive over MVR113,000 as take-home pay – basic salary inclusive of all the allowances.
On the other hand, managing directors holding positions in the lowest tier corporations will receive about MVR80,000 as their take-home pay after all allowances are accounted for.