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

Egypt’s Sisi Makes ‘First Step’ in Recognizing Armenian Genocide: ANCE

Egyptian StreetsFebruary 19, 2019

Uber Egypt Will Start Paying Value-Added Tax to Appease White Taxi Drivers

Nour EltiganiFebruary 19, 2019

Explosion Behind Al-Azhar Mosque in Cairo

Egyptian StreetsFebruary 18, 2019

Photojournalist Shawkan’s Release Procedures Supposedly Underway

Egyptian StreetsFebruary 18, 2019

Apple and Google Urged to Remove Saudi App ‘Absher’ for Tracking Women

Egyptian StreetsFebruary 18, 2019

Egyptian Parliament Member Encourages Egyptian Students in Sudan to Come Back Home

Egyptian StreetsFebruary 18, 2019

Egypt’s New Capital to Be First ‘Cashless’ City in the Country

Egyptian StreetsFebruary 17, 2019

Egypt’s Ministry of Health and Education Launch a Campaign For Anemia, Dwarfism and Obesity

Egyptian StreetsFebruary 17, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.