El Sisi raises Egypt's minimum monthly wage by 12.5%

This marks the third time the Egyptian president has raised the minimum wage since 2014

FILE PHOTO - Egyptian President Abdel Fattah al-Sisi delivers a statement following a meeting at the Elysee Palace in Paris, France November 26, 2014. REUTERS/Philippe Wojazer/File Picture

Egyptian President Abdel Fattah El Sisi on Tuesday raised the minimum monthly wage nationwide to EGP 2,700 ($172).

A statement from the presidency said that the previously set wage of EGP 2,400 ($152.5) per month would be raised by 12.5 per cent.

This marks the third time Mr El Sisi has raised the national minimum wage since he took office in 2014.

The decision came after a budget meeting the president had on Tuesday with Prime Minister Mostafa Madbouly and finance minister Mohammed Maait to finalise the national budget for the 2022-2023 fiscal year.

In addition to increasing the minimum wage for public sector employees, Mr El Sisi said he has allocated EGP 8 billion ($508 million) from next year’s budget to raise the wages of the country’s civil servants by up to 13 per cent.

The statement also said that additional incentives for the country’s civil servants would be increased by EGP 18bn ($1.14bn).

It is not precisely known when the new changes will occur, but they are expected to come into effect in July with the start of the new fiscal year.

Mr El Sisi’s rule has been marked by a number of significant economic reforms which some Egyptians, especially those from the country’s lower and middle classes, have found it difficult to adjust to.

Among the reforms was a devaluation of the Egyptian pound and significant cuts to state subsidies for essential goods such as fuel and bread.

Updated: January 19, 2022, 6:22 AM