In a decisive effort to reduce government expenditures, the government has announced a 10 percent salary cut for political appointees, state officials, and corporate executives.
President Dr. Mohamed Muiz shared this news today in a post on X, highlighting the measures set to take effect as part of the 2025 budget under the economic reform agenda.
The salary cuts will be implemented over a two-year period and include several key measures:
• A 10 percent deduction from the salaries of political appointees.
• A 10 percent deduction for employees of government-owned companies, excluding banks.
• A salary cap for company executives, limiting compensation to a maximum of MVR 90,000, addressing discrepancies where some salaries exceed MVR 100,000.
• A 10 percent salary reduction for heads of independent institutions.
• A request for a 10 percent cut for judicial officials and Members of Parliament.
President Muizzu noted that employees earning less than MVR 12,000 will be exempt from these salary reductions. In a show of commitment, he also announced plans to withhold 50 percent of his own salary to further support efforts to reduce government spending.
This initiative reflects the government's dedication to fiscal responsibility, aiming to stabilize the economy in the face of ongoing challenges. As these changes unfold, the public will be closely observing their impact on governance and public services.
President Dr. Mohamed Muiz shared this news today in a post on X, highlighting the measures set to take effect as part of the 2025 budget under the economic reform agenda.
The salary cuts will be implemented over a two-year period and include several key measures:
• A 10 percent deduction from the salaries of political appointees.
• A 10 percent deduction for employees of government-owned companies, excluding banks.
• A salary cap for company executives, limiting compensation to a maximum of MVR 90,000, addressing discrepancies where some salaries exceed MVR 100,000.
• A 10 percent salary reduction for heads of independent institutions.
• A request for a 10 percent cut for judicial officials and Members of Parliament.
President Muizzu noted that employees earning less than MVR 12,000 will be exempt from these salary reductions. In a show of commitment, he also announced plans to withhold 50 percent of his own salary to further support efforts to reduce government spending.
This initiative reflects the government's dedication to fiscal responsibility, aiming to stabilize the economy in the face of ongoing challenges. As these changes unfold, the public will be closely observing their impact on governance and public services.
