Egypt to raise monthly minimum wages for public sector workers
CAIRO: Egypt will increase the minimum wage for public sector workers to 7,000 Egyptian pounds ($138.50) per month from July, aligning it with the private sector's minimum wage established in early February, Finance Minister Ahmed Kouchouk announced during a press conference on Wednesday.
The wage increase forms part of a broader social protection initiative, which will cost between 80 and 85 billion Egyptian pounds ($1.6-$1.7 billion) and is slated to commence with the new fiscal year beginning in July.
Additionally, a temporary relief package valued at 35-40 billion Egyptian pounds ($692-791 million) will be implemented from March through June.
This package includes increased funding for the country's ration card system, targeting support for 10 million of the most vulnerable families in March and April.
Despite previous increases in the minimum wage, its real value has declined over time.
In February 2024, the monthly minimum wage was raised by 50% to 6,000 pounds. At that time, the equivalent value was $194.
Egyptians continue to grapple with soaring inflation, which has been on the rise since early 2022 following the Russian invasion of Ukraine, which triggered the withdrawal of billions of dollars from Egyptian treasury markets by foreign investors.
In January, the country's annual urban consumer price inflation reached 24% year-on-year, slightly down from 24.1% in December 2024.
Egypt has been enduring a protracted economic crisis characterised by a chronic shortage of foreign currency, prompting the country to seek an $8 billion loan from the International Monetary Fund (IMF) to stabilise its economy.
The IMF agreement entails commitments from Egypt to adopt a flexible exchange rate regime, curtail the state's economic footprint, and enhance the private sector. ($1 = 50.5400 Egyptian pounds) (Reporting by Muhammad Al Gebaly, Yomna Ehab and Mohamed Ezz; Editing by Alex Richardson)
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