RIYADH: Egypt’s official gazette published President Abdel Fattah El-Sisi’s decision to increase pensions as of the beginning of July, Al Arabiya reported.
Pensions will be raised 13 percent at a cost of 31 billion Egyptian pounds ($1.9 billion) and minimum monthly wages will be increased from 2,000 Egyptian pounds to 2,400 Egyptian pounds at a cost of 37 billion Egyptian pounds.
This decision will complete the total of the pension, subsidies and increases to minimum wages, local papers reported.
Egyptians’ salaries have jumped more than 240 times in about 41 years, according to data compiled by Al Arabiya.
Egypt’s budget, to be implemented in early July, also includes two bonuses at a cost of about 7.5 billion Egyptian pounds, and an increase in stimulus at a total cost of about 17 billion Egyptian pounds.
