President Sisi approves 13% increase in pensions: Egypt’s PM
President Abdel Fattah El-Sisi approved a 13-percent increase in pensions, said Egyptian Prime Minister Moustafa Madbouli in a press conference on Monday, adding that the increase would be applied next April rather than July, at an additional cost of LE 8 billion.
The conference was held after a number of decisions taken by the Central Bank of Egypt regarding the rates of interest and exchange to mitigate the global economic repercussions of the ongoing Ukraine-Russia military escalation.
The Prime Minister said that the government fixed the customs exchange rate at LE 16 per US dollar until the end of April, and the cabinet meeting on Tuesday would announce a stimulus package to the Egyptian Stock Exchange during the cabinet meeting.
“A total of 450,000 new families were added to the ‘Takaful and Karama’ pension, at an additional annual cost of LE 2.4 billion,” he said, noting that citizens whose annual income is less than LE 30,000 would be exempted from taxes.
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