{"id":582860,"date":"2023-03-09T00:00:00","date_gmt":"2023-03-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/cabinet-signs-off-on-new-wage-pension-hikes-with-higher-price-tag-than-originally-projected\/"},"modified":"2023-03-09T00:00:00","modified_gmt":"2023-03-09T00:00:00","slug":"cabinet-signs-off-on-new-wage-pension-hikes-with-higher-price-tag-than-originally-projected","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/cabinet-signs-off-on-new-wage-pension-hikes-with-higher-price-tag-than-originally-projected\/","title":{"rendered":"Cabinet signs off on new wage, pension hikes with higher price tag than originally projected"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Cabinet approves package of wage + pension hikes, tax relief: <\/span><span style=\"\">Ministers yesterday <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tFvNHCV3aGDe5R9EgyaPtjXr52RafMqpJdMPrBcthXVrwgjqDPUUtb3z9GGEPhg5l\" style=\"\">approved<\/a><\/span><span> the latest round of social support measures aimed at mitigating the impact of soaring inflation on the public. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/05\/el-sisi-announces-egp-150-bn-program-of-wage-hikes-pension-increases-amid-soaring-inflation-98560\/\" style=\"\">The program<\/a><\/span><span style=\"font-weight:400;\">, announced last week by President Abdel Fattah El Sisi, will from April raise public-sector wages and pensions, and provide tax relief by raising the income tax exemption threshold.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The initial cost is looks higher than calculated: <\/span><span>The new round of public-sector wage and pension hikes will end up costing the state an initial EGP 190 bn, <\/span><span>EGP 40 bn for the remaining quarter of the current fiscal year and EGP 150 bn <\/span><span>in FY 2023-2024, Prime Minister Moustafa Madbouly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02jv7vTP1StvbNP4JPqzQ2LEhZHeoxaVqB6AXGk8qYemQNaX5g9bc1Tv9Q6WwiZtXpl\" style=\"\">said<\/a><\/span><span> during a presser (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=R2qZTEPkIKw\" style=\"\">watch, runtime: 20:29<\/a><\/span><span style=\"font-weight:400;\">). The Finance Ministry has initially calculated the cost to the public purse to be EGP 150 bn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s all about inflation:<\/span><span> Inflation hit a fresh five-year high of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/12\/food-prices-hit-record-high-on-january-devaluation-96498\/\" style=\"\">25.8%<\/a><\/span><span style=\"font-weight:400;\"> in January as the impact of the ongoing depreciation of the EGP causes the cost of living to soar. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This comes on top of increased subsidies: <\/span><span>Bread and food subsidies are costing the government an extra EGP 54 bn and it will pay out EGP 45 bn in fuel subsidies, Madbouly said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cost to the state budget: EGP 190 bn<\/p>\n","protected":false},"author":1,"featured_media":582861,"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":[7306],"tags":[96,282,72,7313,182,235,190,2200,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-abdel-fattah-el-sisi","tag-cabinet-watch","tag-enterpriseam","tag-income-tax","tag-inflation","tag-labor","tag-social-welfare","tag-takaful-and-karama","tag-tax","wpautop","entry"],"acf":{"mongo_id":"dea18520-b32c-42de-b7d5-efd33d2048b3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/cabinetmeeting-1600px-1.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582847],"teaser":"The cost to the state budget: EGP 190 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.52d16032-ade6-4f87-83bc-9d07ae451d36.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cabinet signs off on new wage, pension hikes with higher price tag than originally projected - 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\/2023\/03\/09\/cabinet-signs-off-on-new-wage-pension-hikes-with-higher-price-tag-than-originally-projected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet signs off on new wage, pension hikes with higher price tag than originally projected\" 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