The Minister of Finance… Arranged 67.3 billion pounds to disburse the additional social protection package, starting next month, to ease the burdens on citizens

Fathi Al-Sayeh

The Minister of Finance, Dr. Mohamed Maait, confirmed that, in implementation of the assignments The presidential decree issued to the government at the closing session of the economic conference, 67.3 billion Egyptian pounds was allocated to disburse the additional social protection package as of next month; In a manner that contributes to alleviating the unprecedented global inflationary wave for citizens as much as possible, which followed the war in Europe, pointing out that this package includes the approval of 300 pounds, an exceptional permanent monthly bonus for employees and state workers at all levels of employment, starting from the sixth class to the excellent class, in addition to Supplementary wages or variable wages for those addressed or not addressed by the Civil Service Law, in the state’s administrative apparatus (the administrative apparatus, local administration, and public service bodies), public economic bodies, public sector companies, the public business sector, and workers on funds and private accounts, and the approval of 300 pounds as an exceptional monthly grant for owners Pensions and their beneficiaries, at an annual cost of EGP 32 billion; This is to face the high cost of living and ease the burdens on citizens. The permanent exceptional for employees and workers in the state who are addressed and not addressed by the civil service law, who are 4.6 million employees, amounting to 16.4 billion pounds, and workers in economic public bodies benefit from this bonus, numbering about 336 thousand employees, at an annual cost of 1.2 billion pounds, and they also benefit from this allowance. The grant is about 250,000 workers in public sector companies and the public business sector, at an annual cost of 900 million pounds. The minister indicated that the approval of 300 pounds as an exceptional bonus for workers and employees in the state raises the minimum wage to 3,000 pounds per month, and increases the minimum wage for all job grades in the state by 300 pounds, explaining that there is a draft law that includes raising the tax exemption limit for all state and private sector workers by 25 % from 24,000 pounds to 30,000 pounds annually, at a total annual cost borne by the state’s public treasury at about 8 billion pounds; This means that the monthly income is up to 2500 pounds per month, exempt from taxes.

The Minister added, that the Payment of financial compensation until next June 30, to support workers in faltering private sector companies due to the repercussions of the current global crisis, and which are unable to bear the wages of workers provided that they are not dispensed with, from the available balances in the emergency fund of the Ministry of Manpower in accordance with established standards and legal procedures.

The Minister said that the state’s public treasury bears 3.3 billion pounds, an additional cost for the continuation of disbursing the social protection package prescribed by ration cards. For 10.5 million families, with segments ranging between 100 and 300 pounds, until next June 30, at a total annual cost of 8.5 billion pounds, as this package was scheduled to end in March 2022, and 1.9 billion pounds will bear an additional cost for the continuation of the decision to install Electricity prices for homes for an additional 6 months until next June 30 also, at a total annual cost of 3.8 billion pounds; This decision was scheduled to expire on December 31, 2022.