Al-Sisi, Egypt’s president, boosts the country’s minimum wage from 1,200 Egyptian pounds to 2,000 Egyptian pounds ($116) a month.
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Based on a leading daily, President Abdel Fattah Al Sisi announced that the increase would apply to all Egyptian workers. Pensions would be raised by 15%, with pensioners seeing a minimum increase of 150, raising the minimum pension to 900 pounds.
He stated, “This was supposed to come out on June 30. But I said this matter could not wait.”
Egypt has implemented a series of harsh economic measures to meet the terms of a $12 billion IMF loan, including devaluing the pound, cutting energy subsidies, and instituting a value-added tax.
As a result of the policies, many of Egypt’s over 100 million citizens struggle to make ends meet.
The remaining fuel subsidies are expected to be phased out by the middle of 2019. Egypt’s petroleum minister announced last month that an electronic price indexation process for 95 octane gasoline would begin in April.
According to Sisi’s proposals, state servants will receive a 7% raise, or a minimum of 75 pounds, while those who are not in the civil service will receive a 10% raise or 75 pounds.
Furthermore, all state employees will get a 150-pound bonus to help counter inflation, Sisi said, urging Egyptians to adjust their purchasing patterns to combat rising prices.
He stated, “You want to control prices, don’t buy things that get more expensive. The matter is simple. By God, by God, by God, anyone selling and buying wants to profit and be successful – if they find that their prices are exaggerated and people don’t go buy their commodities, prices will fall.”
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