Wages
Moreover, Egypt increased the minimum wage from LE 1,200 in March 2019 to LE 4,000 in September 2023, resulting in a surge of over 230 percent during that period.
President Sisi instructed raising the salaries of public employees with the monthly minimum of the raise being LE1,000. Further, the minimum wage for public employees will be LE3,500, while that of master’s and PhD holders at public institutions will be LE6,000 and LE7,000, respectively.
It also came to deal with the repercussions of global economic challenges and to mitigate their effects on citizens, he further said.
Sisi also approved two bonuses at a cost of about LE 8 billion; the first is a periodic bonus for employees who are addressed by the civil service law at 7% of the job wage, and the second is a special bonus for workers not addressed by the civil service law at 13% of the basic salary.
CBE stated in its periodic book on Wednesday, that it decided to extend the period of validity of the initiative until the end of December 2021 (instead of June 2021), or to exhaust the amount allocated to it by LE 3 billion, whichever comes first.
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.
Madbouli added that the state was keen to alleviate the burden off the Egyptian citizen during the coronavirus crisis.
A wrap-up of the most prominent business news of the day.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.3 percent, poised for a third session of gains.
More than half of Japan’s companies do not plan to raise base pay in annual wage talks in coming months.
Average pay rose by more than 3 percent in at least half of U.S. states last year, up sharply from previous years.
The budget’s overall deficit dropped to 1.9 percent of GDP in the first quarter of fiscal year 2017/2018, compared to 2.5 percent last year.
The S&P 500 eased on Friday, ending a six-day run of record highs as the first monthly decline in U.S. nonfarm jobs in 7 years dampened sentiment.
The budget expenditure was LE 1.207 trillion, while the revenues were set at LE 852.34 billion.
