Cabinet: The State Has a Plan to Increase Wages and Stabilize Commodity Prices.. Improvement Expected Within Two Years
Cabinet confirms a plan to increase wages and stabilize commodity prices with expected improvement within two years.
SUMMARY
The Cabinet spokesperson confirmed that the government has not yet discussed a new wage increase package and that preparations are underway for the package at the start of the next fiscal year. He explained that poverty rates were affected by economic reform measures and that the state has a clear plan to raise wages and stabilize commodity prices, with improvements expected within the next two to three years. He also highlighted the economic narrative aiming to boost growth and employment to improve citizens' conditions.
KEY HIGHLIGHTS
- The government has not yet discussed a new wage increase package.
- Poverty rates ranged between 29% and 30% and were affected by economic reform measures.
- The state has a clear plan to increase wages and stabilize commodity prices.
- Wage improvements are expected within the next two to three years.
- The economic narrative aims to increase growth and employment rates.
CORE SUBJECT
Plan to Increase Wages and Stabilize Prices in Egypt
Counselor Mohamed Al-Homsani, spokesperson for the Cabinet, stated that the government has not yet discussed a new package for wage increases. He added in a phone interview with broadcasters Lama Jibril and Nancy Nour, hosts of the "Studio Extra" program on "Extra News" channel, that preparations for the package are underway for its scheduled release at the beginning of the next fiscal year in June, about six months from now. He explained that the Prime Minister addressed the effects of the economic reform program during the past period on living conditions and poverty rates, noting that the latest available figures indicate that poverty rates ranged between 29% and 30%, and that these rates were affected by the economic reform measures. He clarified that the state has a clear plan to increase wages and stabilize commodity prices, emphasizing that improvements in wages are expected to appear within the next two to three years. He also referred to what the Minister of Planning, Economic Development, and International Cooperation announced regarding the economic narrative for the upcoming period, which aims to increase growth and employment rates, reflecting positively on raising incomes and improving citizens' conditions.
KEYWORDS
MENTIONED ENTITIES 5
Mohamed Al-Homsani
👤 Person_MaleSpokesperson for the Cabinet
Cabinet
🏛️ OrganizationGovernment body responsible for managing state affairs
Lama Jibril
👤 Person_FemaleHost of Studio Extra program
Nancy Nour
👤 Person_FemaleHost of Studio Extra program
Minister of Planning, Economic Development, and International Cooperation
👤 Person_FemaleResponsible for the economic narrative for the upcoming period