Egypt’s National Wages Council (NWC) announced in its meeting headed by Dr. Hala El-Said, Minister of Planning and Economic Development; as of January 1, 2023, the minimum wage will be applied in the private sector.
The Council also agreed in its meeting today to determine the value of the periodic increment in the amount of 3% of the insurance wage to be EGP 2,700 which is applied to all private sector establishments.
During the meeting, members of the National Wages Council agreed that the decision of the National Wages Council to set the minimum wage for workers in the private sector at EGP 2,700 will be mandatory for private sector establishments as of January 2023.
The Council approved that the minimum value of the annual bonus for the private sector, effective from the year 2023 according to the accounting fiscal year for each establishment, to be at least 3% of the insurance contribution wage stipulated in the Social Insurance with a minimum of EGP 100.
Read more: Egypt signs $301M loan agreement with Japan to implement 4th metro line
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.