Egypt will raise the minimum wage for public sector employees to EGP7,000 starting in July, aligning with a similar increase for the private sector. This adjustment is part of a larger social support package worth EGP200 billion, intended to assist families during Ramadan. Additionally, pensioners will see a 15 percent increase in benefits, while farmers will receive financial aid.
The Egyptian government has announced an increase in minimum wages for public sector employees, raising them to EGP7,000 (approximately $139) per month, effective from July. This wage hike complements a similar increase for the private sector implemented this month. The increase is part of a larger EGP200 billion ($4 billion) social support package introduced by Prime Minister Mostafa Madbouly, as reported by local media outlets.
This social support initiative will be rolled out during Ramadan and the upcoming fiscal year. Pensioners are set to receive a 15 percent increase starting in July. In addition, nearly 10 million families possessing ration cards will receive financial assistance ranging from EGP125 to EGP250 during Ramadan and the Eid festival.
The new measures follow two previous support packages totaling EGP240 billion, aimed at alleviating the effects of the rising cost of living. The latest initiative includes a state-backed fund of EGP10 billion to support the economic empowerment of local families, alongside a provision of EGP6 billion in assistance for farmers.
It is projected that the social package will incur costs of EGP40 billion over the next two months, with wage increases alone estimated to reach EGP85 billion in the next fiscal year, according to Finance Minister Kouchouk.
Such measures are anticipated to significantly assist in boosting economic stability for the citizens of Egypt during challenging financial times.
In summary, Egypt has unveiled a comprehensive social support package that includes significant wage increases for public sector employees and financial assistance for families and pensioners. This initiative aims to mitigate the impact of rising living costs and is part of broader economic empowerment efforts. The government’s commitment to enhance financial stability during challenging economic conditions is evident through these extensive measures.
Original Source: www.agbi.com
