The union of Egyptian Investor Organizations confirmed the commitment of the private sector to give a 15 per cent pay increase to workers, similar to the government and public employees. Fareed Khamees, head of the organization which represents the private sector, also confirmed their commitment to avoid lay-offs and attempt to increase investment to allow for more job opportunities for youth.
The agreement was reached during the meeting yesterday with Samir Radwan, minister of finance to discuss what can be done to assist the country to enhance the Egyptian economy in the current conditions and offer more jobs. Further such meetings between the ministry and the union are scheduled for every fifteen days.
Adel Rahuma, head of external relations and media relayed that Khamees suggested levying on companies a small development fee for the next 5 years. Those that have profits between LE5 and 50m would pay 2 per cent and those that earn above LE50m would be taxed 5 per cent.
Other topics touched on in the meeting include: regaining order on Egyptian streets to encourage local and international investments as well as establishing a bureau for receiving workers’ complaints instead of resorting to protests that disturb the flow of work.
The meeting was attended by a number of board members of the union, including Moharram Helal, Sherif El-Gabaly, Mohamed El-Morshedy and Adel Rahuuma.