New Decree Increasing Minimum Salary for Private Sector Employees and Annual Increment

In light of the decision issued by the Supreme Council of Wages in October 2023, the Ministry of Planning and Economic Development issued Decree No. 90 of 2023 (the “Decree“) on December 11, 2023, which introduces an increase in the minimum salary of private sector employees.

According to the Decree, as of January 1, 2024, the minimum salary for private sector employees shall be EGP 3500 (three thousand five hundred Egyptian Pounds) instead of EGP 3000 (three thousand Egyptian Pounds), as originally determined in Decree No. 46 of 2023.

The Decree further stipulates that the annual increment for private sector employees for the fiscal year 2024 of each respective company or establishment shall be no less than 3% of their social insurance salary, in accordance with the provisions of the Social Insurance and Pensions Law No. 148 of 2019. Furthermore, the Decree determines a minimum increment amount of EGP 200 (two hundred Egyptian Pounds).