On 18th February 2023, the Managing Director of Island Aviation Services (IAS) announced that the employees in IAS are to receive an increment in their basic salary starting March 2023.
source: FB Maldivian
It seems like 2023 is going to be a big year for pay raises. There's been a lot of talk about the new salary increments in different sectors, and it looks like there is going to be some more good news coming along.
This year started out with the President of the Maldives announcing the salary increments for healthcare workers as well as University lecturers in an attempt to make the salaries better in the civil service sector. This initiative which started out in 2022 also saw the biggest increase in the salary of teachers as well as the implementation of a minimum wage in the Maldives. And while these benefits of civil service salary increments were earned by the civil servants, it appears that some state owned companies - especially those highly subsidized by the state budget - might be joining this initiative in their own way.
On 18th February 2023, the Managing Director of Island Aviation Services (IAS) announced that the employees in IAS are to receive an increment in their basic salary starting March 2023. In addition to the higher basic salary, the employees are also going to get to reap the benefits of the years of hard work they put in as the company also announced that there will be an increment in the pension contributions, meaning by the time of retirement employees will see a bigger amount in their pension fund with these new changes.
With these two changes, the employees of IAS would be looking at better benefits due to the change in pension savings as well as a positive outlook on work due to the increased basic pay. However, this was not all the good news that the managing director announced on a staff night held for employees of IAS. He also announced that the company will be resuming the allowances that were halted due to difficulties that the company faced during the COVID-19 pandemic.
''This change was brought about in order to recognise the employees' contributions to the company before their retirement. We are also happy to announce an interest-free loan scheme will be introduced for the company's employees soon,''
In an effort to further acknowledge the hard work and contribution put into the company by the employees of IAS, the company also announced that they will be providing employees with loans from MVR 25,000 to MVR 50,000 under the IAS loan scheme as well.
With these new benefits, employees may finally be looking at better benefits, increased salaries and a more positive outlook on the work environment following the COVID-19 pandemic.
The latest available financials of the company is for quarter 1 of 2022, which indicates the company made a loss of MVR 29.8 million in the first three months of 2022. In 2021 the company incurred over MVR 90 million net loss. With over MVR 1.3 billion short term liabilities at the end of March 2022, the company continues to face difficulties in meeting its short term obligations, with the lower short term assets.
