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Egypt Announces Private Sector Minimum Wage Hike in January 2024

October 29, 2023
Image Credit: Egipto Exclusivo

The private-sector minimum wage will rise from EGP 3,000 (USD 97.3) to 3,500 EGP (USD 113.5) by January 2024, according to a social media announcement by the Egyptian Cabinet on 27 October.

The wage hike also includes an additional periodic allowance of EGP 200 (USD 6.49).

The decision to raise the minimum wage by 17 percent was taken during a National Wages Council (NWC) meeting, chaired by Egypt’s Minister of Planning and Economic Development, Hala Elsaid.

This is the third time the council has increased the minimum wage in less than a year.

With the latest increase, those on the minimum wage in the private sector will have seen their monthly income rise 46 percent from EGP 2,400 (USD 77.8) to EGP 3,500 (USD 113.5) since January 2023.

The attendees of the meeting cited soaring inflation and an increasing cost of living as the driving reasons behind the wage hike.

Egypt’s annual urban consumer price inflation rose to a historic high of 38 percent in September 2023, up from 37.4 percent in August – the fourth consecutive record-breaking month since June 2023.

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