Employer’s Preparations for the New Fiscal Year

January 4, 2024

A. Increase of the Minimum Wage for Private Sector Employees

Effective 1 January 2024, the Ministry of Planning and Economic Development, through Decree No. 90 of 2023, has raised the minimum wage of private sector employees. The National Wage Council implemented this change on 1 December 2023, increasing the minimum wage from EGP 3,000 (three thousand Egyptian pounds) to EGP 3,500 (three thousand five hundred Egyptian pounds).

In this regard, as we approach the new year, we would like to highlight the employer’s additional obligations to ensure full compliance to mitigate the risk of potential employment claims or legal liabilities brought against them.


B. Employers’ Obligations

  1. Social Insurance Wage
    As most employers are aware, social insurance salaries increase on an annual basis. For 2024, the minimum social insurance wage is EGP 2,000 (two thousand Egyptian pounds), while the maximum is EGP 12,600 (twelve thousand six hundred Egyptian pounds).
  2. Social Insurance Wage
    The basic wage is also subject to an annual increase. For 2024, the minimum is EGP 380 (three hundred and eighty Egyptian pounds), while the maximum is EGP 2,370 (two thousand three hundred and seventy Egyptian pounds).


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