The Minister of Finance stated that the cost of the increase in the wages of state employees in next year's budget represents LE 37 billion
No new taxes or increase in current rates after minimum wage increase announcement clarifies Egypt’s Finance Minister Mohamed Maait, denying rumors.
In a recent TV interview, the minister stated that the government will continue to increase tax collection by expanding the base of financiers and improving the collection mechanism.
Maait also highlighted that Egypt wants to compensate the Egyptian people due to growing inflation while salaries stayed stagnant, creating a lower standard of living.
“President Abdel Fattah El-Sisi's directive to raise the minimum wage to LE 2,400 would increase the salaries of all job ranks,” according to Maait.
The Minister of Finance stated that the cost of the increase in the wages of state employees in next year's budget represents LE 37 billion.
Maait added that 3 million employees will benefit from the allowance for those not addressed by the civil service law, pointing to an increase in job incentives.
The minister also noted that the budget for the next fiscal year includes an incentive for workers moving to the new administrative capital with a value of LE 1.5 billion, which will be in the form of an apartment installment or a transfer allowance, pointing to the launch of a promotions movement for those who meet the requirements on June 30th.
The Minister of Finance expected that the budget for the next fiscal year would achieve an initial surplus of about LE 90 billion.
