CAIRO – The Egyptian Cabinet decided Monday to allocate EGP 130 billion in a package of financial and social protection measures to mitigate the impact of global economic crises on citizens under the directives of President Abdel Fattah El Sisi.
Under the relief measures, the Cabinet will secure EGP 2.7 billion to add 450,000 families to the Takaful and Karama program.
The Cabinet also allocated an additional EGP 190.5 billion to apply a 13% increase in pensions as of April.
The measures also included increasing the income tax exemption limit from EGP 24,000 to 30,000, in addition to disbursing a previously-announced 8-percent salary increase for public servants governed by the Civil Service Law as of the next month.
Furthermore, the Cabinet decided to grant a special allowance of 15% of the basic salary to employees not addressed by the Civil Service Law as of April.
Under the new measures, employees, including those covered and not covered by the Civil Service Law, will be given an additional monthly allowance as of the next month.
The Cabinet also decided to set the customs dollar at a rate of EGP 16 for basic commodities and production requirements.
The State Treasury will also secure EGP 3.75 billion to give property tax exemptions to industrial facilities for three years, the Cabinet said. (MENA)
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