{"id":608949,"date":"2023-10-29T00:00:00","date_gmt":"2023-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/29\/private-sector-minimum-wage-to-rise-17-in-2024\/"},"modified":"2023-10-29T00:00:00","modified_gmt":"2023-10-29T00:00:00","slug":"private-sector-minimum-wage-to-rise-17-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/29\/private-sector-minimum-wage-to-rise-17-in-2024\/","title":{"rendered":"Private-sector minimum wage to rise 17% in 2024"},"content":{"rendered":"

The private-sector minimum wage will rise by <\/strong>17%<\/strong> starting January 2024<\/strong>after the National Council for Wages (NCW) decided to raise the threshold for the third time in less than a year to support workers amid soaring inflation. In a<\/a>statemen<\/a>t<\/a> on Friday, the Planning Ministry said that private-sector firms will have to pay their employees a gross wage of at least EGP 3.5k a month from January, up from EGP 3k currently. <\/p>\n

Cushioning the blow: <\/strong>Inflation reached an all-time high<\/a> in September as the impact of the foreign-currency shortage and a series of devaluations continued to stoke price pressures. <\/p>\n

This is the third time the council has hiked the minimum wag<\/strong>e <\/strong>in less than a year:<\/strong> With the latest increase of the private-sector minimum wage, those on the minimum wage will have seen their monthly income rise 46% from EGP 2.4k<\/a> to EGP 3.5K in less than a year\u2019s time.<\/p>\n

This is still less than the public-sector:<\/strong> The public-sector gross minimum wage was raised to EGP 4k this month as part of a package of measures announced<\/a> in September aimed at easing the burden of soaring inflation on low-income households. <\/p>\n

Annual salary increase minimums will also double: <\/strong>New rules introduced in January obliged private-sector firms to increase annual salary wages equal by at least 3% of the employee\u2019s ins. From 1 January, the minimum annual salary increase will double to EGP 200.<\/p>\n

Refresher: <\/strong>The private-sector minimum wage is relatively new in Egypt, and was introduced at<\/a>the beginning of FY 2021-2022<\/a> at EGP 2.4k a month. It hasn\u2019t been met with unanimous support from the business community, with some complaining<\/a> that they can\u2019t afford to cover the higher wage bill. <\/p>\n","protected":false},"excerpt":{"rendered":"

Private-sector employees on the minimum wage will have seen their monthly income rise 45% in the past six months<\/p>\n","protected":false},"author":1,"featured_media":608950,"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":[104,72,182,235,187,71,678,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-inflation","tag-labor","tag-legislation-watch","tag-minimum-wage","tag-planning-ministry","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"458f9250-681e-4b02-8276-0297c9a55908","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1355.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian private-sector minimum wage to rise 17% in 2024","related_issue":[608942],"teaser":"Private-sector employees on the minimum wage will have seen their monthly income rise 45% in the past six months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.adfc377b-47be-41c0-8c5b-fa34f512f184.mp3"},"yoast_head":"\nPrivate-sector minimum wage to rise 17% in 2024 - 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In a statement Thursday, the Planning Ministry said that private-sector firms now have to pay their employees at least EGP 2.7k a month, up from EGP\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\/2023\/1\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582238,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/el-sisi-announces-egp-150-bn-program-of-wage-hikes-pension-increases-amid-soaring-inflation\/","url_meta":{"origin":608949,"position":2},"title":"El Sisi announces EGP 150 bn program of wage hikes, pension increases amid soaring inflation","author":"enterpriseam admin","date":"5 March 2023","format":false,"excerpt":"The measures include wage increases and a higher minimum wage for civil servants","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\/2023\/3\/1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563369,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/we-finally-have-a-private-sector-minimum-wage\/","url_meta":{"origin":608949,"position":3},"title":"We finally have a private-sector minimum wage","author":"enterpriseam admin","date":"29 June 2021","format":false,"excerpt":"Private-sector workers are getting a minimum wage: Employees of private-sector companies will for the first time receive a minimum wage starting from the beginning of next year, the Planning Ministry announced yesterday. From 1 January 2022, companies will need to pay workers at least EGP 2.4k per month, according to\u2026","rel":"","context":"In "Policy"","block_context":{"text":"Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562130,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/09\/proposals-for-a-private-sector-minimum-wage-are-moving-forward\/","url_meta":{"origin":608949,"position":4},"title":"Proposals for a private sector minimum wage are moving forward","author":"enterpriseam admin","date":"9 May 2021","format":false,"excerpt":"Proposals to mandate a minimum wage for private-sector employees will be drafted this month, the Planning Ministry said in a statement over the weekend following a meeting with the National Council for Wages (NCW).This would be the first time that private sector employers are required to pay their employees a\u2026","rel":"","context":"In "Policy"","block_context":{"text":"Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611756,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/pay-a-living-wage-okay\/","url_meta":{"origin":608949,"position":5},"title":"Pay a living wage, okay?","author":"enterpriseam admin","date":"12 December 2023","format":false,"excerpt":"Base rate for private-sector workers to rise 17% to EGP 3.5k gross per month","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\/2023\/12\/797.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\/608949","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=608949"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608949\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608950"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608949"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608949"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}