Pursuant to the directives of President Abdel Fattah El Sisi, the Cabinet has approved on Wednesday 26/10/2022 a new social protection package at an approximate cost of EGP 67 billion, Prime Minister Mostafa Madbouli revealed.
The new package is one of the outcomes of the Egyptian Economic Conference 2022 organized by the government over the past three days, Madbouli said during a news briefing to announce the social safety package.
He noted that the annual package, which will come into effect as of next month, includes a EGP 300 exceptional bonus for employees at the State administrative body and affiliated companies, as well as pensioners, to help them cope with the high cost of living under the growing inflationary pressures the world is witnessing.
It also involves raising minimum monthly wage to EGP 3,000, up from EGP 2,700, Madbouli said.
As for the private sector, a clear-cut mechanism will be developed to compensate and support workers at financially-distressed companies or those whose business have been disrupted by the fallout from the ongoing global economic crisis, the prime minister added.
Source: State Information Service Egypt