Egypt launches financial and social protection measures to ease economic challenges – Economy – Business

Minister of Finance Mohamed Maait

Finance Minister Mohamed Maait announced these procedures shortly after the decision of the Central Bank of Egypt (CBE) to raise key interest rates by 1%.

The procedures include an allocation of 2.7 billion EGP to include 450,000 new families in the Takafol and Karama social protection program, in addition to allocating 190.5 billion EGP to disburse the annual increase in pensions with a minimum of 120 EGP per retiree from April 1st.

The income tax exemption ceiling has been increased by 25% from EGP 24,000 to EGP 30,000 per person.

Civil servants will receive their annual raise – usually paid as part of the July payroll – in April with an increase ranging from 8 to 15% with a minimum cap of EGP 100 and no upper limit.

“All government employee monthly allowances will be increased by a lump sum ranging from EGP 175 to EGP 400 as this will also be added to the April payroll,” Maait said.

Starting from the new financial year 2022/2023, on July 1, the minimum wage for public sector employees will be raised to EGP 2,700 from 2,400 in the state budget.

The minister also noted that the customs price in dollars is fixed at EGP 16 for basic products and production supplies, starting from the end of April, adding that the state treasury bears the property tax of industrial sectors during three years with a total amount of EGP 3.7 billion.

In September 2019, the Ministry of Finance repealed the customs dollar, subjecting it to the normal exchange rates set by the CBE.

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Joel C. Hicks