Prime Minster Mostafa Madbouly announced a social security package including tax exemptions and compensations for employees in defaulted companies, according to an official statement on October 27th.

The package includes a draft law to be presented to the House of Representatives that provides for raising the minimum limit of tax exemption from EGP 24,000 to EGP 30,000 annually, which will exempt monthly incomes of up to EGP 2,500 from taxes, Madbouly said.

Madbouly noted that the new social security package will cost around EGP 67 billion annually, adding that these measures were Presidential directives.

Moreover, the prime minister remarked that a clear mechanism will be set in place to compensate and support labor in defaulted companies, declaring that cash subsidies will be paid in this regard until June 30th 2023.

On October 26th, Egyptian Prime Minister Mostafa Madbouly announced raising the minimum wage to EGP 3,000.

 

 

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