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  • Thursday ,02 June 2011

Egypt sets minimum wage at $117


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Thursday ,02 June 2011

Egypt sets minimum wage at $117

CAIRO - Egypt on Wednesday lifted the minimum monthly wage to LE700 ($117.8) in the country where regime-changing protests were partly fuelled by economic woes earlier in the year.

 Finance Minister Samir Radwan made the announcement at a news conference, without saying when it would come into force. He pledged the pay rate would "be gradually raised to LE1,200 within five years." In November, the National Council for Wages raised the minimum wage to LE400 after a court order to review the pay scale, which had been set at LE35 in 1984. The new minimum wage is still considered a pittance as inflation hovers at around 12 per cent and unemployment at 11.9 per cent in the country of 80 million people. Egypt's economy has been further been hit by the popular uprising that ousted the regime of veteran president Hosni Mubarak in February. Following the protests, 49 organisations including political parties, unions, youth and non-governmental groups signed a statement calling for a minimum monthly wage of LE1,500 (around $250, 169 euros at the time). They also sought a wage ceiling to "ensure fair distribution of wealth."