Income Increases For Public Workers, Pensioners Cost EGP 60Bn: Minister Of Finance

(MENAFN- Daily News Egypt) President Abdel Fattah Al-Sisi has approved a new package of incentives and income increases for public workers and pensioners, which will cost the state budget about EGP 60 billion annually. The package will be submitted to the House of Representatives in October for ratification.

The package includes raising the exceptional cost of living allowance from EGP 300 to EGP 600 per month for all state employees at different job levels, benefiting 4.5 million employees. The increase will also apply to 336,400 employees of public economic authorities, who will bear the cost from their own resources.

The package also includes raising the minimum income for the lowest job level from EGP 3,500 to EGP 4,000, and increasing the minimum income for all higher job levels by at least EGP 500. Additionally, the package includes raising the income tax exemption limit from EGP 36,000 to EGP 45,000, benefiting state, public, and private sector employees.

Moreover, the package includes doubling the exceptional grant for about 11 million pensioners and their beneficiaries from EGP 300 to EGP 600 per month. The cost of this increase will be borne by the insurance and pension funds. The package also includes increasing the training and technology allowance for journalists by EGP 300 per month.

Furthermore, the package includes increasing the financial categories granted to five million beneficiaries of the Takafol wa Karama pension by 15%. The cost of this increase will be borne by the state treasury.

The Minister of Finance, Mohamed Maait, said that the package reflects the political leadership's keenness on easing the burdens on citizens as much as possible. He said that the past two years have witnessed four increases in wages and pensions since April 2022. He also said that pensions have increased by more than 40% since April 2023.


Daily News Egypt

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