Egypt launches financial, social protection measures

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

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

The income tax exemption limit has been increased by 25 percent from EGP 24,000 to 30,000 per individual.

Public servants will receive their yearly raise – usually disbursed within July's payroll – in April with an increase ranging from 8 to 15 percent with a minimum of an EGP 100 ceiling and without a maximum limit.

“All state employees’ monthly allowances will be raised with a lump-sum ranging from EGP 175 to EGP 400, as that will be added to April’s payrolls as well,” said Maait.