Reuters MOHAMED ABD EL GHANY
Egyptian Finance Minister Mohamed Maait announced that the salary increases approved by President Abdel Fattah El-Sisi will be disbursed on the first of next July.
Maait said in a television statement, “Al-Sisi approved the proposal of the National Insurance and Pensions Authority to increase pensions by 13 percent over the total value of the pension.”
“The decision will benefit 10 million citizens, in addition to increasing the minimum wage to 2,400 pounds, from which 5 million workers in the state’s administrative apparatus will benefit, and the increases approved by President Sisi will be disbursed on the first of next July,” he added.
He pointed out that “the decision is not related to the private sector, as the one concerned with it is the National Council for Wages, but this increase is due to workers in the state’s administrative apparatus and pensioners only.”
He explained that “every year with the development of the new general budget, a new increase is approved for workers in the state’s administrative sector and pension workers,” noting that “it was decided to allocate a financial incentive of about 1.5 billion pounds for workers transferred to the new administrative capital.”
He emphasized that “the salary increases for workers in the state’s administrative apparatus are estimated at 37 billion pounds, to raise the minimum wage to 2,400 pounds.”