Wed. Feb 28th, 2024

Today, President Abdel Fattah El-Sisi held a meeting with Prime Minister, Dr. Moustafa Madbouly, and Minister of Finance, Mohamed Maait.

Spokesman for the Presidency, Counselor Dr. Ahmed Fahmy, said the President was updated on developments in the economic situation, and measures undertaken by the government to control the prices of commodities and services in the market, reduce inflation and stabilize the macro economy.

President El-Sisi instructed the government to urgently alleviate the living burden on citizens, and to minimize as much as possible the effects of crises, external economic turmoil and their internal impact. The President confirmed his continuous follow-up and accurate follow-up on the citizens’ conditions, stressing the state’s commitment to exerting all efforts in this direction.

The President instructed the implementation of a 180-billion-pound urgent social protection package, which is the largest of its kind, effective March 1, 2024. This will include wage increase for public-sector employees and economic entities by a minimum ranging between 1000 and 1200 pounds, depending on the job grade (1000 pounds for the sixth to the fourth grades, 1100 pounds for the third to the first grades, and 1200 pounds for the grades of director general up to undersecretary of the minister). This shall take place through early payment of the periodic allowance for those covered by the Civil Service Law by 10% of the job salary, and 15% of the basic salary for those not covered by the law, with a minimum of 150 pounds and a total cost of 11 billion pounds.

This is in addition to the disbursement of an additional incentive, starting from 500 pounds for the sixth grade, and increasing by 50 pounds for each grade to reach 900 pounds for the “excellent” grade, at a cost of 37.5 billion pounds and a total cost of 65 billion pounds. This will reflect on raising the minimum wages by 50% to reach 6-thousand pounds.

This social package also includes allocating 15 billion pounds in additional increases for doctors, nurses, teachers, and university faculty staff. Those include 8.1 billion pounds for approving an additional increase in the salaries of pre-university teachers, ranging from 325 to 475 pounds; 1.6 billion pounds for approving an additional increase for university faculty members and their assistants at universities, institutes and research centers; and 4.5 billion pounds to approve an additional increase for members of the medical profession and nursing bodies, ranging from 250 to 300 pounds in risk allowance for medical profession, in addition to an increase of up to 100% in the night and overnight shift allowance.

President El-Sisi also gave directives to allocate 6 billion pounds to appoint 120-thousand members of the medical profession, teachers and employees in other administrative bodies.

The social package, directed by the President, included a 15% increase in pensions for 13 million citizens, at a total cost of 74 billion pounds. This is in addition to a 15% increase in the “Takaful and Karama” pensions, at a cost of 5.5 billion pounds, bringing the increase in one year to 55% of the pension’s value. 41 billion pounds will be allocated to “Takaful and Karama” pensions in the fiscal year 2024-2025.

The social package also includes raising the tax exemption limit for all government employees and the public and private sectors by 33%, from 45 thousand to 60 thousand pounds, at a total annual cost of 5 billion pounds.

Distributed by APO Group on behalf of The Presidency, The Arab Republic of Egypt.

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