Finance Minister: Package for improving salaries, pensions at EGP 150 bn annually

Finance Minister Mohamed Maait said a package for improving salaries and pensions was swiftly prepared at about EGP 150 billion annually in accordance with directives of President Abdel Fattah El Sisi.

The money will be disbursed as of April within the framework of the state efforts to contain the international wave of inflation and alleviate burdens on people, he said in a statement.

The minimum level of increase is EGP 1,000, he said, noting that the periodical bonus of 8 percent is included in this package under the civil service law.

He added that the state treasury bears about EGP 8 billion over upping the level of tax exemption 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 Takaful and Karama solidarity program as of April, he said.

He added that about EGP 55 billion annually will be earmarked for a 15 percent uptick of pensions with a minimum of EGP 170 and maximum of EGP 1,635.