Egypt’s Finance Minister Dr. Mohamed Maait revealed the date for implementing the EGP 2,700 minimum monthly wages increase announced by President Abdel Fattah El Sisi.
Maait said in a statement to the Egyptian "dmc" satellite channel that "the implementation of the increase in the minimum wage will be implemented, starting from next June, for all job grades."
He added that "the number of beneficiaries of the new increases, according to President El Sisi directives, is 5 million employees."
Egyptian President Abdel Fattah El-Sisi held a meeting in which he issued several new economic directives regarding the salaries of Egyptians.
The official spokesman for the Presidency of the Republic in Egypt, Ambassador Bassam Rady, said that the meeting dealt with reviewing the draft budget for the next fiscal year 2022-2023.
The Egyptian President directed concerned bodies yesterday to raise the minimum wage to EGP 2,700, and to approve two bonuses at a cost of EGP 8 billion. The first bonus is a periodic one for employees addressed by the civil service law at 7% of the job wage, and the second one is a special bonus for workers not addressed by the civil service law at 13% of the basic salary.
President EL Sisi also directed them to increase the additional incentive for both those who are addressed by the civil service law, at a total cost of about EGP 18 billion.
He urged them to appoint 30,000 teachers annually for a period of 5 years, to meet the needs of developing the education sector.
The official spokesman explained that during the meeting, the Minister of Finance highlighted the objectives of the draft budget for the fiscal year 2022-2023, which seeks to reduce the total deficit to about 6.3% of GDP, continue to achieve a primary surplus of 1.5% of GDP, and reduce the percentage of GDP.
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