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Latest News

  • 21-05-20

    Egypt cuts 1 percent of public salaries over COVID-19 effects

    (MENAFN)


    Egypt is going to cut 1 percent from employees salaries for 12 months starting on the 1st of July in order to reduce the economic repercussions resulting from the outbreak of coronavirus in the country, a draft law that was approved by the cabinet on Wednesday showed.

    The tax is going to apply to all of the economic sectors of both the public and private sectors for total monthly salaries over USD126.13, according to a statement released by the cabinet, a 0.5 percent tax is going to be applied to state pensions.

    The statement said that those who were negatively impacted economically by the outbreak of the virus could be exempted from the new tax.

    The salary tax revenues are going to be used to help companies and workers that were negatively affected by the virus, it is also going to be used for direct support to some people and for medical sector funding, the statement added.

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