Egypt Announces Details of New Social Package
Egypt's Finance Minister Ahmed Kouchouk said the government will begin implementing a new social package starting from the beginning of Ramadan until the end of June.
The minister added, during a press conference at the Cabinet on Wednesday that the package includes grants for holders of ration cards with one person of an additional 125 pounds, grants for families with two children of 250 pounds, and grants of 300 pounds for each family benefiting from the "Takaful and Karama" program, with this support to be repeated in the following month as well.
The minister indicated that the "Takaful and Karama" pension will be increased by 25% starting in April.
The Minister of Finance stated that the minimum wage for state employees will be raised to 7,000 pounds starting in July, with the cost of living allowance for all state employees being raised to 1,000 pounds.
He explained that the periodic bonus will be applied at a rate of 10% with a minimum of EGP 150 for those subject to the Civil Service Law, and a bonus of 15% will be applied for those not subject to the Civil Service Law with a minimum of EGP 150 starting in July, explaining that the cost of increasing wages will reach EGP 85 billion in the next fiscal year.
The Egyptian government also decided to increase pensions by a minimum of 15% starting next July, according to the Minister of Finance.
the minister said that the price of supplying local wheat will be raised to EGP 2,200 with additional funding of EGP 6 billion, noting that a fund worth EGP 10 billion will be established for the economic empowerment of youth.
The Minister of Finance revealed that the value of the exceptional social protection package that begins in the month of Ramadan ranges between EGP 35 billion and EGP 40 billion, while the cost of the social package that will be applied starting next fiscal year will reach EGP 200 billion.
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