{"id":548244,"date":"2022-08-01T03:30:55","date_gmt":"2022-08-01T03:30:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/"},"modified":"2022-08-01T03:30:55","modified_gmt":"2022-08-01T03:30:55","slug":"only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/","title":{"rendered":"Only 22% of companies are helping employees cope with rising inflation \u2013Mercer"},"content":{"rendered":"

<\/a> Only a fifth of Egyptian firms have provided financial support to employees to <\/strong>help them cope with rising inflation<\/strong>, according to a poll (pdf)<\/a> from HR consulting firm Mercer. The survey of more than 200 local and international companies operating in Egypt finds that 22% have either raised salaries or offered temporary allowances in response to the economic uncertainty caused by the declining currency.<\/p>\n

It hasn\u2019t been a great year for the currency:<\/strong> External pressures have caused the EGP to fall more than 20% against the greenback since March. The currency yesterday broke the 19.00 handle for the first time since December 2016. This has helped turbocharge inflation \u2014 already facing sharp upward pressure from soaring global energy and food prices, before and then as a result of Russia\u2019s war in Ukraine \u2014 to accelerate and hit three-year highs<\/a> this year.<\/p>\n

But almost half of companies aren\u2019t sure how to act:<\/strong> Around 46% of respondents told the survey that they plan to provide some sort of support to their staff but haven\u2019t taken a final decision. Around 15% said they were planning to compensate employees but haven\u2019t yet done so.<\/p>\n

How employers are helping employees:<\/strong> About 13% of companies have hiked salaries by an average 12.8% to offset the rising cost of living. Some 4% are providing temporary allowances, 2% paid out a single lump sum, and 3% are providing other forms of compensation.<\/p>\n

Inflation is hurting the private sector: <\/strong>Activity in Egypt\u2019s non-oil private sector recorded its worst performance<\/a> in two years in June, contracting at a faster pace as client demand dropped on supply-side pressures, rising inflation and the devaluation. The S&P Global purchasing managers\u2019 index fell to 45.2 from 47.0 in May, the lowest reading since June 2020 and marking the 19th consecutive month of contraction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Only a fifth of Egyptian firms have provided financial support to employees to help them cope with rising inflation, according to a poll (pdf) from HR consulting firm Mercer. The survey of more than 200 local and international companies operating in Egypt finds that 22% have either raised salaries or offered temporary allowances in response […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,1419,72,182,235],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548244","post","type-post","status-publish","format-standard","hentry","category-economy","tag-economy","tag-egp","tag-enterpriseam","tag-inflation","tag-labor","wpautop","entry"],"acf":{"mongo_id":"2dec1e91-8883-4a6c-8d56-c746e7df39b8","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548233],"teaser":"","voice_url":""},"yoast_head":"\nOnly 22% of companies are helping employees cope with rising inflation \u2013Mercer - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Only 22% of companies are helping employees cope with rising inflation \u2013Mercer\" \/>\n<meta property=\"og:description\" content=\"Only a fifth of Egyptian firms have provided financial support to employees to help them cope with rising inflation, according to a poll (pdf) from HR consulting firm Mercer. 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