State administrative employee salaries and military and civilian pensions will be increased by 15 percent beginning in April, said the Egyptian government on Monday.
Egyptian Finance Minister Samir Radwan told reporters that, for the first time ever, increases in pensions will be based on their total values. Radwan said the increase in pensions alone will cost the Treasury an estimated LE6.5 billion.
Radwan went on to say that the Council of Ministers Legislative Committee had approved two bills. The first bill, according to Radwan, exempts those registered under the Sales Tax Act from paying late fines or interest on sales taxes that are due in January and February 2011.
The second bill exempts those with insurance from paying late fines and interest on insurance premiums. The committee also agreed to establish a LE5 billion trust fund for disbursing compensation to those affected by the recent looting and vandalism of commercial and industrial establishments. Car owners affected by looting and vandalism will also receive compensation.
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