Finance Min.: Sisi Raises Minimum Wages 66%, Pensions 15%

By: Taarek Refaat

CAIRO, Mar. 30 (SEE)- According to a statement issued by the Ministry of Finance on Saturday, President Abdel Fattah el-Sisi's recently announced social package will come into force starting July 1, including EGP 30.5 billion to finance wage and salary increases, as well as EGP 28.5 billion to finance social pensions.

The Ministry confirmed that the package reflects the president's appreciation of the sacrifices made by the Egyptians to restore their country's economic confidence.

The new package will also add up to 100,000 new families to solidarity and dignity program, costing the public treasury about EGP 60 billion.

"It would not have been possible to develop comprehensive solutions to the problems of the Egyptian economy, which were prolonged and tough, accumulated over long periods without substantial and fundamental solutions," the ministry said.

The new social package will include raising the minimum wage for all employees in the public sector from EGP 1,200 per month to EGP 2000, a rise of 66 percent, starting from July 1.

"Wages will be raised respectively according to the career ladder, ending with EGP 7000 instead of EGP 4600 for the senior employees," the statement noted.

Pensioners will also receive an increase of 15 percent or EGP 150, with the minimum pension being raised to EGP 900 per month.

In addition, employees will be granted periodic bonuses accounting for 7 percent of the wages and an additional10 percent on June 30.