Egypt’s President Abdel Fattah Al-Sisi announced raising the minimum wage for government employees to EGP 3,500 and raising pensions by 15% starting 1 April.
The Egyptian president announced raising the minimum wage for government employees holding a Master’s degree to EGP 6,000 and to EGP 7,000 for those holding a PhD.
President Al-Sisi also said that income tax exemption was raised to EGP 30,000 annually, up from EGP 24,000.
He also revealed that Takaful and Karama Cash Transfer Programme benefits were also raised by 25%
Meanwhile, State Administrative Apparatus employees’ wages are to be raised by a minimum of EGP 1,000.
This comes as the Russia-Ukraine war which has entered its second year has pushed up food and energy prices worldwide, adding another layer to Egypt’s economic woes.
The North African nation is now facing soaring inflation, due to a weaker currency, and other inflationary pressures.
On Wednesday night, Egypt raised domestic fuel prices by more than 10%, a move that is likely to increase inflation.
In its quarterly review, the state’s fuel pricing committee raised domestic fuel prices by EGP 0.75 ($0.02) for 80-octane petrol to EGP 8.75 a litre, and by EGP1 to EGP 10.25 for 92-octane fuel.
According to official data, Egypt’s Annual inflation reached 26.5% in January, the highest in five years, with food prices in urban areas soaring 48%.
