The Privatization and Corporatization Board (PCB) has mandated that all state‑owned enterprises slash their workforce by 33 percent within the next three months, effective from 13 July.
In a circular signed by PCB President Mohamed Nizar, the board set a strict deadline and required firms to submit weekly staff‑count updates every Sunday for close monitoring.
The directive follows instructions from the Ministry of Finance and Public Enterprises, which has stressed that trimming the workforce will strengthen corporate management and align human‑resource levels with operational needs. The Ministry has also announced a parallel initiative to tighten recruitment, prioritising candidates’ education and skill sets.
Early compliance is already evident with the Housing Development Corporation (HDC) and Fenaka Corporation offering voluntary separation packages, providing departing staff with three months’ salary. The PCB said the move aims to keep the size of the companies appropriate to their operational needs and ensure long‑term sustainability.
Beyond layoffs, the PCB outlined additional cost‑cutting measures—halting new hires unless absolutely essential, freezing promotions, limiting overtime, curbing non‑essential travel, and reducing discretionary expenses. The PCB is continuing to share full implementation data regularly with the Ministry of Finance to guarantee transparency and accountability.