Egyptian president announces wage, pension rises to contain price hikes

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Egyptian president announces wage, pension rises to contain price hikes

STORY: Egyptian president announces wage, pension rises to contain price hikes DATELINE: March 4, 2023 LENGTH: 00:02:07 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the event 2. various of buildings STORYLINE: Egyptian President Abdel-Fattah al-Sisi on Thursday announced a package of measures to cushion the impact of the soaring prices. The measures included raising minimum wage for government employees to 3,500 Egyptian pounds (nearly 114 U.S. dollars) from 2,700 pounds and pensions by 15 percent, al-Sisi said in a speech that was broadcast by state-run Nile TV. The new decisions, which will be enforced on April 1, seek to "alleviate the effect of the global economic circumstances," al-Sisi said. The president said the Russia-Ukraine conflict has affected the global economy, which is yet to recover from the COVID-19 pandemic, adding "Egypt, like other countries, was affected by the rise in energy and food prices due to the disruption of the global supply chain." Al-Sisi's remark

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