Fenaka Corporation has today opened an opportunity for employees wishing to resign voluntarily to do so with a severance package equivalent to four months' salary, as part of its ongoing efforts to reduce its workforce.
According to a memo sent to all departments today by Chief Corporate Officer Usaid Hassan, the company is now accepting applications from staff who wish to leave their positions of their own accord.
The application window opens tomorrow and will remain active until 3:00 pm on June 14. Interested employees are required to submit their requests to Fenaka’s Human Resources Department.
In addition to voluntary resignations, the company has also opened opportunities for staff who wish to retire under its early retirement program.
Fenaka recently appointed a new Managing Director to lead the utility provider. Mohamed Afeef Hussain assumed the role on April 27.
Leading up to the recent elections, Fenaka created hundreds of jobs across various islands. These positions were widely viewed as a strategy to secure a government majority. This practice is not unique to the current administration; past governments have also utilized Fenaka to influence elections through job creation.
While Fenaka provides electricity and water services to the majority of inhabited islands in the Maldives, it remains one of the most troubled entities among the state-owned enterprises. Recently, STELCO took over the operations of several island powerhouses previously managed by Fenaka.
The company has long been plagued by allegations of corruption within its management, issues that have frequently disrupted the essential services it provides to the public.
