Egypt deducts 1% of salaries to face coronavirus - News Summed Up

Egypt deducts 1% of salaries to face coronavirus


FILE: Cabinet’s meeting on Monday April 8, 2019CAIRO - 21 May 2020: The Egyptian Cabinet approved, on Wednesday, a draft law stipulating a deduction of 1 percent of the net income of workers in all sectors of the state for a period of 12 months, starting from the first of July, to contribute to facing the economic repercussions of coronavirus.The Cabinet said, in a statement, that the law also included a deduction of 0.5 percent of the net income due from the pension of pensioners.It added that the draft law includes workers in the state’s administrative apparatus, government agencies, and the public and private sectors.The statement added that the draft law excludes workers whose net monthly income does not exceed LE 2,000 ($127) from the discount rate, and that the Cabinet may "exempt those who are in economically affected sectors as a result of the spread of the virus from deduction of the stipulated percentage of contribution. "This action comes as Egypt tries to overcome the economic repercussions of the pandemic, which caused the suspension of tourism and damaged other sectors.


Source: Egypt Today May 21, 2020 16:30 UTC



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