The Maldives Industrial Fisheries Company (MIFCO) shortened official staff hours today as part of a new cost-cutting strategy. The state-owned enterprise released a memo to employees citing “special circumstances” and a need for fiscal stability.
Consequently, management reduced the workday for head office staff by two hours.
The new schedule runs from 08:00hrs to 14:00hrs instead of the previous 16:00hrs cutoff. Although MIFCO reduces working hours, the company also updated its overtime policy.
Now, employees only earn overtime pay after they complete a full eight-hour shift. Additionally, workers must submit a formal request to their Department Head if they need to work past 14:00hrs.
Middle East conflicts caused a global economic downturn, according to a senior official. Therefore, the company took these steps to protects its financial health. The official noted that leadership carefully considered these changes to help the workforce.
As MIFCO reduces working hours, it follows a regional trend of using shorter schedules to navigate modern economic challenges.