Algeria approves 2-7% increase in retirement pensions
Algeria’s government has approved increases in retirement pensions ranging from 2% to 7%, the labour ministry said on Saturday, despite financial problems facing the oil exporting North African country. The OPEC member’s public finances have come under pressure after a sharp fall in global crude oil prices caused energy earnings, the main source of government revenue, to drop significantly. President Abdelmadjid Tennoune has already announced a 50% cut in public spending and delays to planned projects in several sectors...