The NWC also approved the disbursal of a periodic bonus of no less than 3 percent of the worker’s insurance contribution, Minister of Planning and Economic Development Hala El-Said, who heads the NWC, said on Thursday.
Starting 1 July, the bonus should be at least EGP 100, the statement added.
In January 2022, the minimum monthly wage for private sector workers was moved up from EGP 2,000 to EGP 2,400.
In October, the Egyptian government announced for the second time this year an increase in the minimum wage for the country’s 5 million public sector employees, from EGP 2,700 to EGP 3,000.
The wage increase is part of an EGP 67 billion social protection package that also includes exceptional bonuses for public sector employees and pensioners.
The package coincided with the postponement for the third time in a row of a scheduled hike in household electricity prices to ease burdens on low-income citizens.
Since the start of the Russia-Ukraine war, the Egyptian pound has lost over 25 percent of its value against the US dollar.
The USD is trading at an average of EGP 24.75, compared to an average of EGP 17.74 recorded on 20 March.
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