20 percent of employee pay to be issued in MVR, says TMA

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, has announced their decision to pay twenty percent of employee salaries in Maldivian Rufiyaa (MVR), citing difficulties arising from new foreign exchange regulations affecting tourism operators.

An official email notifying this has now been sent to all employees, Mihaaru News reports.

As per the notice, from July/August onwards, 20 percent of each employee's salary will be paid in MVR. The remaining 80 percent will continue to be paid in USD, the notice states.

TMA pilots have met with the management, expressing dissatisfaction with this decision. They also plan to meet with the government.

TMA employees over 150 pilots. Junior captains receive a monthly salary of USD 6000, with the most senior captains earning monthly salaries of USD 12,000.

Under the Foreign Exchange Act, which came into force in January, tourism operators are classified into three categories;

- Category A: Resorts must deposit either USD 500 per tourist or 20 percent of their monthly revenue

- Category B: Guesthouses are required to deposit USD 25 per tourist or 20 percent of monthly income.

- Category C: Other tourism service providers must deposit 20 percent of their dollar earnings if annual revenue exceeds USD 15 million.

TMA has not been complying with this Act as of yet, Mihaaru News reports. In order to comply with this Act, TMA has now proposed to pay some fees and jet fuel prices to MACL in MVR. However, as MACL has agreed with this, TMA has now decided to use the exchanged money for employee salaries.

TMA decides to pay employee salaries in MVR