Samruk-Kazyna is going to save $232 million by staff reduction

According to Almasadam Satkaliyev, head of Samruk-Kazyna, the national wealth fund in Kazakhstan, the holding plans to cut staff in its companies and save about $232 million by the end of the year.

During their meeting with the government, Satkaliyev said that the fund has already reduced the number of employees in its headquarters twofold: from 248 to 124 people. Moreover, the holding has reduced the number of executives to five positions and the number of subsidiaries from 27 to 18. As a result, Samruk-Kazyna reported $5 million worth of economic impact.

To save more money, the fund has recommended its companies to cut personnel in their headquarters twofold including employees (from 2,786 to 1,393), foreign specialists (from 47 to 24) and foreign members of the boards (from 23 to 14). It is expected that these measures will allow the holding to save about $232 million, Satkaliyev noted.

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