CAIRO - 21 March 2024: Allocations for salaries will be increased to LE 573 billion in the next fiscal year 2024/2025, to accommodate the recent package, according to a statement issued by the Ministry of Finance, Thursday.
Salaries allocations in the current fiscal year 2023/2024 amount to LE 470 billion.
"We are committed to completing what we started since the 2019/2020 fiscal year budget in the path of improving the salaries of state employees to alleviate burdens on citizens in light of the negative impacts of global crises," the Finance Minister, Mohamed Maait, said.
He added that salaries of state employees have witnessed a qualitative leap over the past six years, and we are continuously working to improve them, as the minimum wage has been increased fivefold from LE 1,200 in 2018 to LE 6,000 in the latest package in 2024, with raising the minimum of job grades to reach LE 12,000 for the distinguished grade in the latest package in 2024.
The Minister affirmed that a minimum of LE 1,000 has been set for annual increases in the salaries of employees starting from 2023, and it has been increased to between LE 1,000 and 1,200 depending on the job grade in the latest package in 2024, which also included approving additional increases for teachers, doctors, nursing, and university faculty members; confirming the state's commitment to the development of the health and education sectors.
On Tuesday, Egypt’s Finance Minister Mohamed Maait announced that the total public expenditures targeted for the budget of the upcoming fiscal year 2024/2025 amount to LE 3.9 trillion, while the expected revenue reaches approximately LE 2.6 trillion.
According to the amount of expenditures and revenues, the expected total deficit would be LE 1.3 trillion.
The minister added the Ministry of Finance aims for LE 2 trillion in tax revenues in the new budget, without adding any new burdens on citizens or investors, by maximizing efforts to integrate the informal economy through optimal utilization of available tax systems.
The minister affirmed that health and education are a "presidential priority" to continue the strategy of building the Egyptian citizen during the upcoming budgets, starting from the budget of the fiscal year 2025/2024, while working to secure a strategic reserve of goods that meets the basic needs of citizens, in addition to increasing spending on social protection to alleviate the burdens on middle and low-income individuals.
A total of LE 596 billion has been allocated for subsidies, including over LE 134 billion for subsidized goods and over LE 147 billion to support petroleum products, due to the rise in global oil prices and the impact of exchange rate changes, according to the minister.
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