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Egypt announced an increase in the salaries of all employees of the administrative apparatus, totaling 37 billion pounds, and an increase in the minimum wage to 2,400 pounds.
In 2019, Egypt raised the minimum wage to 2,000 pounds per month from 1,200 pounds.
On Monday, the preliminary draft budget for the next fiscal year 2021-2022 was released, which included an increase in the salaries of all employees of the state administrative apparatus.
Salaries for workers in the state’s administrative apparatus and pensions will increase by a total of 68 billion Egyptian pounds ($ 4.34 billion).
The budget included the approval of two raises at a cost of about 7.5 billion pounds and an increase in additional incentives, at a total cost of about 17 billion pounds.
The change will increase retirement pensions by about 13% at a cost of 31 billion pounds and raise the monthly minimum wage to 2,400 pounds ($ 153) at a total cost of 37 billion pounds.
The decisions also included the promotion of employees who meet the promotion requirements on June 30, 2021.
Finance Minister Mohamed Maait revised the budget for the next fiscal year, which included a 9% growth over current year’s estimates, and aims to reduce the total deficit to around 6.6% of GDP, achieve a primary surplus of 1.5% of GDP, and continue to maintain debt rates.
Maait also indicated that the budget seeks to continue efforts to maintain balanced financial stability in the face of the repercussions of the Corona pandemic, and efforts to support and stimulate economic activity without prejudice to budget sustainability and debt indicators.
The budget estimates are intended to maintain the sustainability of fiscal discipline and government borrowing, support economic activity, especially industry and export activities, promote social protection efforts and improve the standard of living of citizens, and focus on advancing human development activities, especially health and education. Through various steps, the most important of which is the allocation of a value of EGP 2.1 billion to finance the first year of the national vehicle replacement project, to cover around 70 thousand taxis and others.
The budget also continues to focus on the development of the education and health system, including the adoption of the necessary measures to improve the financial conditions of teachers and doctors, as well as the continuation of the support provided to the industrial and export sectors.
The budget review included progress in the development of the tax system, accelerating the completion of projects for digital transformation and system governance, and completing them before the end of the next fiscal year.
