Minister of Finance Mohamed Maait. Al-Ahram
The money will be disbursed as of April as part of the state’s efforts to contain the international wave of inflation and alleviate burdens on the public, he said in a statement.
The minimum salary increase is EGP 1,000, he said, noting that a periodical bonus of 8 percent is included in this package under the civil service law.
Maait added that the state treasury will bear about EGP 8 billion by expanding the tax exemption limit on annual income by 24 percent, from EGP 24,000 to EGP 30,000.
The state will also bear about EGP 6.5 billion annually for a 25 percent rise of monthly funds allocated for beneficiaries of the Takaful and Karama solidarity program as of April, he said.
Maait added that about EGP 55 billion annually will be earmarked for a 15 percent uptick in pensions with a minimum of EGP 170 and a maximum of EGP 1,635.
On Thursday, President El-Sisi ordered the government to raise the minimum wage for government employees and pensions as part of a wide-ranging social package to alleviate the ramifications of the global economic situation on the public.
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