Finance Minister Mohamed Maait on Thursday 27/10/2022 said that around EGP 67.3 billion has been allocated for disbursing an additional social protection package as of next month.
He added the package comes as part of directives issued by President Abdel Fattah El Sisi at the closing session of Egypt’s Economic Conference that concluded on Tuesday.
The finance minister noted the package includes EGP 300 monthly exceptional bonus for employees at the State administrative apparatus and affiliated companies, as well as pensioners, to help them cope with the high cost of living under the growing inflationary pressures the world is witnessing.
He stated the package also involves raising the minimum wage for public employees from EGP 2,700 to EGP 3,000.
The minister asserted the government prepares a draft law on raising the tax exemption limit from EGP 24,000 to EGP 30,000 annually, explaining that a citizen whose income reaches EGP 2,500 will no longer be required to pay taxes.
Maait pointed out that financial compensation would be allotted till June 2023 to workers at financially-distressed private sector companies affected by the fallout of the ongoing global economic crisis.
Source: State Information Service Egypt