Egypt’s President Abdel Fattah al-Sisi unveiled a comprehensive package of economic measures on Wednesday, designed to alleviate financial pressures for citizens. Among the key initiatives is a substantial increase in the minimum wage, soaring by 50% to reach EGP6,000 per month.
The wage adjustments extend beyond the minimum wage, with public servants and employees in economic bodies seeing a boost in their wages. Depending on grade, the increase ranges from a minimum of EGP1,000 to EGP1,200.
To further support workers, a 10% bonus is allocated for those covered by the Civil Service Law, while those not covered receive a 15% bonus, with a minimum of EGP150. This initiative carries a total cost of EGP11 billion.
An additional bonus system has been introduced, starting at EGP500 for grade 6 employees, with increments of 50 pounds for each grade, culminating in EGP900 for those in the excellent grade. This initiative is expected to cost a total of EGP37.5 billion.
In a move to address employment, EGP6 billion has been allocated to hire 120,000 servants, providing a significant injection into the job market.
The economic measures also encompass tax exemptions, reflecting a comprehensive approach aimed at fostering economic stability and improving the financial well-being of the citizens of Egypt.
