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Egypt Independent
The Egyptian Cabinet approved a draft law to provide a monthly deduction for over a year of 1% in net income for state servants in all sectors and a deduction of a 0.5% net income from pensions starting from 1 July, according to an announcement on Wednesday.
The outcome of these deductions will contribute to facing economic repercussions resulting from the coronavirus pandemic.
Exemptions for these deductions apply to those with monthly net incomes that do not exceed £E2,000.
A government statement added that the cabinet may exempt those who work in sectors economically impacted by the virus.
The draft law stipulates that the Finance Ministry will establish a special account at the Central Bank of Egypt where the amounts will be deposited.
President Abdel Fattah al-Sisi previously announced a £E100 Billion comprehensive plan to counter the outbreak and its negative economic consequences. The Central Bank of Egypt has adopted various measures to cushion the economy as harsh measures are implemented to contain the outbreak.
