The Privatization and Corporatization Board (PCB) has instructed State-owned enterprises and Government-owned companies to reduce their workforce by 33 per cent as part of efforts to strengthen operations and cut costs.

In a circular issued to companies today, the PCB stated that the measures are being introduced in response to economic pressures linked to ongoing global challenges. The Board noted that earlier guidance had already been provided on adopting long-term cost reduction strategies, and that further steps are now required.

The PCB has also called on companies to strengthen their human resource policies, ensuring that recruitment is conducted on a merit basis, prioritising qualifications and experience to select the most suitable candidates.

In addition, companies have been instructed to revise recruitment procedures to ensure that hiring practices align with these principles.

The Board further directed that previously issued cost-cutting measures must be fully implemented, alongside the new instructions outlined in the latest circular.