News

Telecom Egypt Employees Protest Against Lowered Bonuses as Company Announces Record Profits

Telecom Egypt Employees Protest Against Lowered Bonuses as Company Announces Record Profits

b805e75f6b5ce14099dda9a327b52480

Telecom Egypt employees have staged protests across the country against the company’s decision to lower bonus payments, despite having achieved record earnings last year.

Financial newspaper Al-Mal reported on Tuesday that protestors in Luxor, Beni Suef, Damietta, Ramsis and Alexandria, among other areas, also demanded an increase in their base salaries and the provision of healthcare.

“Hundreds” of employees at TE’s headquarters reportedly prevented the company’s CEO, Osama Yassin, from accessing his office on Monday after he threatened the protestors with prosecution.

Telecommunications minister Yasser El-Kady called an emergency meeting of TE’s board of directors to discuss ways to solve the issues quell the employees’ anger.

The telecom company announced earlier this week that its net profits for 2015 jumped 111 percent due to changes in corporate income tax rates, exacerbating the employees’ dissatisfaction.

According to Reuters, the state-owned company’s net profit in 2015 rose to EGP 2.999 billion, up from EGP 1.419 billion the previous year, while revenues increased from EGP 12.157 billion in 2014 to 12.184 billion in 2015.

Once a Supporter of Sisi, Egyptian Politician Criticizes Country's President and State of Affairs
Egypt Lifts Limit on Foreign Currency Withdrawal

Subscribe to our newsletter


News

More in News

France Confirms Two Coronavirus Cases Returning From Egypt

Egyptian StreetsFebruary 28, 2020

Saudi MFA: Temporary Umrah Pilgrimage Ban Due to Coronavirus Fears

Egyptian StreetsFebruary 27, 2020

VAT Increases on Local, Imported Tobacco Products

Egyptian StreetsFebruary 26, 2020

Three Days of National Mourning Declared Across Egypt to Mark Mubarak’s Death

Egyptian StreetsFebruary 25, 2020

Military Funeral to Be Held Tomorrow For Former President Mubarak

Egyptian StreetsFebruary 25, 2020

Former Egyptian President Mubarak Passes Away Aged 91

Egyptian StreetsFebruary 25, 2020

Egyptian Woman Receives 1 Million EGP Compensation Over HIV Transmission From Husband

Egyptian StreetsFebruary 24, 2020

Egypt to Propose New Strict Penalties for Female Genital Mutilation

Egyptian StreetsFebruary 22, 2020