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Tuesday, 24 October 2017

Egypt's parliament approves 10% raise for public employees not covered by civil service law

Ahram Online , Monday 19 Jun 2017
Egyptian parliament
File photo: Egyptian parliament (Photo: Reuters)
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The Egyptian parliament approved on Monday a 10 percent raise of the base salary for public employees who are not covered by the country's civil service law. 
 
The move came after parliament's manpower committee approved the raise last week.
 
The Egyptian cabinet agreed last month to allocate EGP 43 billion to the social security budget for the finanical year 2017-2018.
 
This allocation included an EGP 20 billion increase for pensions to ease the burden of inflation on basic services and goods resulting from the government's ongoing economic reform programme.
 
Egypt started a fiscal reform programme in July 2014 in an attempt to curb the growing state budget deficit by cutting subsidies and introducing new taxes.
 
In November 2016, Egypt's central bank floated the pound and raised key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the currency black market and stabilising the country's flagging economy.
 
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