Egypt to raise minimum wages as of April 1st: Prime Minister

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ArabFinance: The Egyptian government has decided to apply the increase in minimum wages set for fiscal year (FY) 2022/2023 as of April 1^st, instead of July 1^st, Prime Minister Mostafa Madbouli said in a press conference.

The raise will be applied with an additional allocated sum of up to EGP 8 billion to the state’s budget for FY 2022/2023, Madbouli noted.

Madbouli stressed that Egypt would keep the customs dollar rate of EGP 16 for commodities and production requirements unchanged until the end of April.

The government also decided to add 450,000 new families to the Takaful and Karama’s pensions program, with an additional annual cost of EGP 2.4 billion.

During the conference, Madbouli announced that President Abdel Fattah El-Sisi has approved a 13% increase in pensions, which will be effective as of April 1^st.

Moreover, the government decided to upgrade the tax exemption limit to EGP 15,000 from EGP 9,000 to include individuals receiving an annual wage of EGP 30,000, instead of the current limit of EGP 24,000.