{"id":606441,"date":"2023-09-17T00:00:00","date_gmt":"2023-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/el-sisi-announces-new-wage-hikes-financial-support-as-cost-of-living-spirals\/"},"modified":"2023-09-17T00:00:00","modified_gmt":"2023-09-17T00:00:00","slug":"el-sisi-announces-new-wage-hikes-financial-support-as-cost-of-living-spirals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/el-sisi-announces-new-wage-hikes-financial-support-as-cost-of-living-spirals\/","title":{"rendered":"El Sisi announces new wage hikes, financial support as cost of living spirals"},"content":{"rendered":"

Fresh wage hike, tax cut + social support as inflation bites: <\/strong> President Abdel Fattah El Sisi instructed the government to introduce further measures aimed at alleviating the impact of the economic crisis on vulnerable households. In a statement yesterday, Ittihadiya<\/a> announced a fresh minimum wage hike for the public sector, a new income tax cut for lower earners and increased payouts to pensioners.<\/p>\n

Remember: <\/strong>Inflation accelerated at a record pace in August on the back of ballooning food prices. The urban rate of inflation rose to 37.4%<\/a> y-o-y from 36.5%<\/a> the month before, thanks largely to food and beverage prices soaring 71.4% y-o-y.<\/p>\n

#1- An income tax break for lower earners: <\/strong> The personal income tax exemption threshold will rise to EGP 45k from EGP 36k currently, reducing wage tax for mns of public- and private-sector employees.<\/p>\n

Remember: <\/strong> This is the second time the exemption has been raised this year after the government lifted it from EGP 24k to EGP 36k<\/a> from the beginning of the fiscal year in July.<\/p>\n

#2- Another minimum wage hike: <\/strong> The president directed the government to go ahead with the third public-sector minimum wage hike in a year that will raise monthly minimum salaries to EGP 4k, from EGP 3.5k currently. In addition, public-sector employees and civil servants will see a one-time bonus payout of EGP 600, double the EGP 300<\/a> paid out last time around.<\/p>\n

Remember: <\/strong> The public-sector minimum wage has climbed almost 50% since July 2022<\/a>, before which it was set at EGP 2.4k a month. The level was then raised again in October<\/a> and April<\/a>.<\/p>\n

#3- More support for vulnerable pensioners: <\/strong> Pensioners who receive support under the Takaful and Karama program will see payments increased by 15%, a decision that Ittihadiya said will impact 5 mn families. The government will also pay a EGP 600 exceptional stimulus payment to pensioners \u201cand beneficiaries,\u201d the statement said, without elaborating. The bonus will be paid out to 11 mn people, it said.<\/p>\n

#4- Measures to support farmers + journalists: <\/strong> Indebted farmers are in line for support from the Agricultural Bank of Egypt while journalists will receive an increased tech and training allowance.<\/p>\n

Costing the measures: <\/strong> The measures are expected to cost around EGP 30 bn, and will be financed from a contingency budget fund, a source at the Finance Ministry told us yesterday. The minimum wage hike will cost around EGP 10 bn while the tax cut will be around EGP 3 bn, they said. <\/p>\n

Timing the measures: <\/strong> Ittihadiya did not disclose when the measures could come into effect. In a televised interview on Kelma Akhira last night, House Planning Committee Chair Fakhri El Fiqi suggested that the tax cut will likely be the only measure we\u2019ll have to wait several weeks for, given it has to be voted through the House (<\/a> watch, runtime: 11:11<\/a>). MPs are currently on summer recess and will return to start the new legislative session in October.<\/p>\n

Is this enough? <\/strong> In response to show host Lamees El Hadidi\u2019s suggestion that the measures might not be enough to alleviate inflationary pressures, El Fiqi said that the budget for the 2024-2025 fiscal year will likely include further pension and salary increases, and tax changes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The measures include a new hike in the public-sector minimum wage and higher pension payouts<\/p>\n","protected":false},"author":1,"featured_media":606442,"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":[96,104,72,182,190,2200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-abdel-fattah-el-sisi","tag-economy","tag-enterpriseam","tag-inflation","tag-social-welfare","tag-takaful-and-karama","wpautop","entry"],"acf":{"mongo_id":"9b182e4c-7409-4375-b92f-82f32198f67c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1032.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s El Sisi announces new wage hikes, financial support as cost of living spirals","related_issue":[606436],"teaser":"The measures include a new hike in the public-sector minimum wage and higher pension payouts","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.20243c8c-0190-4f0e-bb96-7a379fd315e0.mp3"},"yoast_head":"\nEl Sisi announces new wage hikes, financial support as cost of living spirals - 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\/09\/17\/el-sisi-announces-new-wage-hikes-financial-support-as-cost-of-living-spirals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Sisi announces new wage hikes, financial support as cost of living spirals\" \/>\n<meta property=\"og:description\" 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New golden licenses also got the green light.","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1025.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550431,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/govt-announces-raft-of-measures-to-help-with-cost-of-living-post-economic-conference\/","url_meta":{"origin":606441,"position":4},"title":"Gov\u2019t announces raft of measures to help with cost of living post-economic conference","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"Gov\u2019t unveils public-sector minimum wage rise + extends freeze on household electricity prices: The government is pushing ahead with a raft of fresh social protection measures that are set to cost the state some EGP 67 bn per year, Prime Minister Mostafa Madbouly said yesterday, according to a statement. A\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/347.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560864,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/minimum-wage-pension-hikes-what-to-expect-from-next-years-state-budget\/","url_meta":{"origin":606441,"position":5},"title":"Minimum wage, pension hikes + what to expect from next year\u2019s state budget","author":"enterpriseam admin","date":"16 March 2021","format":false,"excerpt":"The minimum wage for civil servants will be raised to EGP 2.4k from EGP 2k as of the next fiscal year on the instructions of President Abdel Fattah El Sisi following a review of the draft budget yesterday, according to an Ittihadiya statement. The increase is expected to cost EGP\u2026","rel":"","context":"In "PUBLIC FINANCES"","block_context":{"text":"PUBLIC FINANCES","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-finances\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/213.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=606441"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606441\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606436"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606442"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606441"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606441"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}