[Egypt] LE 150 billion package for annual state pension and minimum wage rise

Egypt’s Minister of Finance Mohamed Maait has announced a package of around LE 150 billion per year to support rises in the state employees’ minimum wages and pensions, in implementation of President Abdel Fattah El-Sisi’s directives, Egypt Today reports.

The minister highlighted the state’s efforts to start paying higher wages and pensions to beneficiaries from April during the March 4 announcement.

He reportedly stated that the decisions come as part of state efforts to contain the largest portion possible of the global inflation wave and alleviate the burden on citizens.

On March 2, President Abdel Fatah al-Sisi announced a bundle of increases for public employees, pensioners, and beneficiaries of the monetary subsidies programme that will be effective from April 1.

Sisi instructed an increase in the salaries of public employees with the monthly minimum of the raise being LE 1,000. In addition, the minimum wage for public employees will reportedly be LE 3,500, while that of master’s and PhD holders at public institutions will be LE6,000 and LE7,000, respectively.

The president also made the decision to raise the maximum amount of tax-exempted annual income to LE30,000, from LE24,000. While, pensions will increase by 15 per cent, and monetary subsidies disbursed within the Takaful w Karama social protection programme, will go up by 25 per cent.

Developing countries, including Egypt, have been suffering from rising inflation and a hike in the prices of commodities as part of the global economic crisis.

Egypt has also been forced to devalue its currency more than once over the past year in the wake of the economic crisis, which caused the pound to hit a record low of around LE 30 against the US dollar.

Source: Egypt Today

(Link via original reporting)

Egypt’s Minister of Finance Mohamed Maait has announced a package of around LE 150 billion per year to support rises in the state employees’ minimum wages and pensions, in implementation of President Abdel Fattah El-Sisi’s directives, Egypt Today reports.

The minister highlighted the state’s efforts to start paying higher wages and pensions to beneficiaries from April during the March 4 announcement.

He reportedly stated that the decisions come as part of state efforts to contain the largest portion possible of the global inflation wave and alleviate the burden on citizens.

On March 2, President Abdel Fatah al-Sisi announced a bundle of increases for public employees, pensioners, and beneficiaries of the monetary subsidies programme that will be effective from April 1.

Sisi instructed an increase in the salaries of public employees with the monthly minimum of the raise being LE 1,000. In addition, the minimum wage for public employees will reportedly be LE 3,500, while that of master’s and PhD holders at public institutions will be LE6,000 and LE7,000, respectively.

The president also made the decision to raise the maximum amount of tax-exempted annual income to LE30,000, from LE24,000. While, pensions will increase by 15 per cent, and monetary subsidies disbursed within the Takaful w Karama social protection programme, will go up by 25 per cent.

Developing countries, including Egypt, have been suffering from rising inflation and a hike in the prices of commodities as part of the global economic crisis.

Egypt has also been forced to devalue its currency more than once over the past year in the wake of the economic crisis, which caused the pound to hit a record low of around LE 30 against the US dollar.

Source: Egypt Today

(Link via original reporting)