The Privatization and Corporatization Board (PCB) has instructed State-Owned Enterprises (SOEs) to reduce their staff headcount by 33 percent within the next three months. This measure aims to enhance operational efficiency and implement cost-cutting strategies across these entities.
This directive was issued following guidance from the Ministry of Finance. In response to this decision, several companies have already begun offering voluntary redundancy packages for employees wishing to resign. Additionally, the PCB has mandated a freeze on new recruitment and promotions, along with strict limitations on overtime work. Companies are also required to suspend all non-essential travel and corporate activities. To ensure compliance with these measures, the PCB has ordered all SOEs to submit weekly progress reports.
