CAIRO: Maximum wages will be officially applied on the July salaries, governor of the Central Bank of Egypt (CBE) Hisham Ramez announced Monday.
Anyone who works for CBE, public banks, or governmental banks whose salaries exceed 42,000 EGP will be reduced to that value according to the new law, he told Youm7 Monday.
The Cabinet adopted a presidential decree to apply the maximum wage – 42,000 EGP monthly – to all state institutions on June 26. The minimum wage law – 1,200 EGP monthly – was applied in January. Professionals and activists have been calling for the application of the two laws since the January 25 Revolution in 2011.
Many public and political figures believe the maximum wage policy is a wise step to reduce the budget deficit and to fix irregularities in the Egyptian market, since the price of many products increased including transportation tariffs.
“There are foreign forces that aim to reduce Egypt’s enthusiasm towards fixing the economy,” former Deputy Head of the Supreme Constitutional Court Tahani Al-Gibali told Al-Hadas Al-Masry TV program Monday. “With all the suffering we [Egyptians] are experiencing, people are trying their best to hope for a better future for their country.”
She said Egyptians must bear the new maximum wage policy for the sake of Egypt’s economic benefit.
There are other judicial bodies and banks however who refused the maximum wage policy since it would cut out a good part from their incomes.
The State Council and the State Litigation Authority refused to give their employees a date for the Central Auditing Organization because most of their salaries already exceeded the official maximum wage, a judicial source told Al-Ahram newspaper Sunday.
Al-Ahly Bank employees protested, demanding for their promotions, delayed bonuses, and incentives, Al-Fagr newspaper reported Monday. In response to the protests, Ramez assured that the maximum wages will be applied “immediately” in July.
The Ministry of Interior denied that Minister Mohamed Ibrahim’s salary exceeded 2 million EGP as some newspapers claimed. “I do not know how far media theorists will take us; our minister’s salary is 42,000 EGP,” Interior Minister’s assistant Abdel-Fatah Osman said in a phone call to Manshet TV program Sunday.