16M Egyptian families benefit from ‘unprecedented’ wages, pensions raise ordered by Sisi: Ayman Al-Gamil

CAIRO - 17 March 2021: Renowned businessman Ayman Al-Gamil said President Abdel Fattah El-Sisi’s recent decision to raise salaries and pensions represents an unprecedented leap and benefits around 16 million families.

Sisi on Monday ordered increasing the minimum wage to LE 2,400 a month from LE 2,000 for state employees, raising the pensions by 13 percent and approving two allowances.

Gamil said the rise and new allocations are estimated at LE 95 billion in total, adding that they directly benefit five million employees and around 11 million pensioners.

This means they benefit 16 million families that represent half of the Egyptian people, Gamil explained.

The recent raise comes in addition to hundreds of billions of Egyptian pounds allocated for people through the subsidy system, health initiatives, cash support program Takaful w Karama, the initiatives to develop villages and slums, comprehensive health insurance and other developmental projects, Gamil added.

Gamil affirmed that the incumbent political leadership is keen to put social dimensions and life of citizens on top of its priorities and acts all the time to improve the lives of families and individuals of all social classes.

Gamil referred to Sisi’s recent directives to launch a mortgage program at a cost of around LE 100 billion with a long-term loan and low interest as a proof of this keenness.

The new program is directed to low- and middle-income Egyptians to help them own housing units, through loans of up to 30 years and an interest that does not exceed 3 percent, according to the Presidency.

Read more details about Sisi’s recent decisions to raise pensions and wages and approve new allowances from here.