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Economy News Wednesday.. Include a 7% bonus for the job wage for those who are addressed by the Civil Service Law


The Seventh Day published a number of important news throughout the day, Wednesday, June 23, 2021, the most prominent of which was announced by the Ministry of Finance to include a 7% premium for the job wage for those addressed in the Civil Service Law.


Bonus details


The Minister of Finance, Dr. Mohamed Maait, issued a decision regarding the rules for disbursing the periodic allowance to those who are addressed by the Civil Service Law, the special allowance for those not addressed by the Civil Service Law, the additional incentive for state workers, and the special grant for workers in public sector companies and the public business sector.


The Minister of Finance confirmed that the periodic bonus for those who are addressed by the provisions of the Civil Service Law, due on July 1, 2021, will be calculated at 7% of the job wage, with a minimum of 75 pounds per month, and without a maximum. 2021.


The minister added, that state workers who are not addressed by the provisions of the Civil Service Law will be granted, starting from the first of next July, a special allowance of 13% of the basic wage or the equivalent of the comprehensive reward for each of them on June 30, 2021 or upon appointment for those appointed after this The date is at a minimum of 75 pounds per month, and without a maximum, and this allowance is considered part of the basic wage of the worker and is added to it as of July 1, 2021, explaining that the monthly special allowance does not apply to workers in public service bodies, economic public bodies and other public legal persons that pay the allowance The annual periodicity of its employees is not less than 7% of the job wage.


The minister clarified that if the annual periodic allowance for employees of these bodies and other public legal persons is granted at a rate of no less than 7% of the basic wage; These workers are given a special allowance that is calculated on the basis of the difference between the 13% and the percentage on which the annual periodic bonus is calculated, and includes the value of the special bonus for the basic wage of each of them.


The Minister indicated that, starting from July 1, 2021, in addition to what is currently being spent, an additional monthly incentive will be granted to employees who are addressed by the provisions of the Civil Service Law and workers who are not addressed by it, in cut-off financial categories of 175 pounds for incumbents of the sixth, fifth and fourth degrees, and 225 pounds for those in the third 275 pounds for second-class occupants, 325 pounds for first-class occupants, 350 pounds for general manager or senior managers, 375 pounds for high-ranking occupants, and 400 pounds for premium-class occupants, or the equivalent of each, and whoever is appointed after this date benefits, and this is considered The incentive is part of the supplemental pay or variable pay.


A statement by the Ministry of Finance stated that for workers who are not covered by the Civil Service Law who combine a pension and income, the special allowance is paid to those who are entitled to the pension on their own behalf and who are less than sixty years old, with the fulfillment of the conditions for their entitlement, and their employer must notify the pension disbursing authority, if this allowance is less than The increase in the pension, the pension has been increased by the difference between them, but if the allowance is equal to or greater than the increase in the pension, the increase in the pension is not paid to him, indicating that if the worker is entitled to a pension on his behalf and reaches the age of sixty or exceeds it, the increase in the pension is paid to him. This increase was less than the special allowance paid to him by the employer, the difference between them after obtaining an official statement from the pension disbursing authority of the value of the increase due to him, and if the worker is entitled to a pension on behalf of others, he is entitled to combine the special allowance with the increase in the pension, taking into account the provisions of the Social Insurance and Pensions Law No. 148 for the year 2019.


Unemployment declines in Egypt


Today, Wednesday, June 23, 2021, the Central Agency for Public Mobilization and Statistics issued the combined annual bulletin of the results of the labor force research in 2020, which showed the decline in the unemployment rate since 2019, and the most important indicators are the following:


Unemployed youth

 

15% unemployment rate among youth (15-29 years)


The unemployment rate among young people aged (15-29 years) reached 15.0% of the total labor force in the same age group, compared to 16.7% in 2019 and the unemployment rate among male youth reached 10.7% and among female youth 37.0% of the total labor force in the same age group. 2020:



• 11.8% of the unemployment rate for the age group (15-19 years), compared to 12.9% in 2019.



• 19.6% of the unemployment rate for the age group (20-24 years), compared to 21.8% in 2019.



• 12.5% ​​unemployment rate for the age group (25-29 years), compared to 14.0% in 2019.


19.4% unemployment rate among young people with qualifications (15-29 years)


The unemployment rate for young people in the age group (15-29 years) who hold intermediate, above-average and university qualifications and above reached 19.4% of the total labor force in the same age group in 2020 compared to 22.8% in 2019 where it amounted to:


• 13.5% of the unemployment rate for males holding intermediate and above-average and university qualifications and above in the same category, compared to 14.3% in 2019.



• 41.9% unemployment rate for females holding intermediate and above-average and university qualifications and above in the same category, compared to 50.4% in 2019.


The start of the meetings of the Egyptian-Russian joint committee


The Ministry of Trade and Industry announced the holding of the meetings of the Egyptian-Russian Joint Committee for Trade, Economic, Scientific and Technical Cooperation in its thirteenth session, which will be held from 22-24 June under the chairmanship of the Ministers of Trade in the two countries.


On the sidelines of the committee's work, the Minister of Trade and Industry is scheduled to hold a number of bilateral meetings with senior officials of the Russian Federation, including Denis Manturov, Russian Minister of Industry and Trade, and Andrei Slepnev, Minister of Trade of the Eurasian Economic Union.



This morning, the meetings of the technical committees of the Egyptian-Russian Joint Committee for Economic, Commercial, Scientific and Technical Cooperation at the expert level began, headed by Dr. Ahmed Maghawry, head of commercial representation on the Egyptian side, and with the participation of representatives of the ministries and relevant authorities from the two countries. Nevin Gamea left Cairo airport this morning - Wednesday. Minister of Industry and Trade to Moscow to head the Egyptian delegation.



Maghawry explained that the committee will discuss a number of issues and files of common interest, which include cooperation in the fields of economy, trade, industry, energy, education, agriculture, communications, information technology, health, transportation and tourism, as well as joint coordination to remove non-tariff obstacles that hinder the flow of trade exchange between Cairo and Moscow.


Increased trade exchange between Egypt and Britain


Minister Plenipotentiary Trade Nasser Hamed, Director of the European Union Department at the Trade Representation Authority, said that the volume of trade exchange between Egypt and Britain increased during the first quarter of this year by 8% to reach 519 million pounds, compared to 481 million pounds during the same period in 2020.


This came during a symposium organized by the Export Council for Food Industries today, in cooperation with the Commercial Representation Agency and the General Authority for Export and Import Control, under the title "Developing food industry exports to the United Kingdom."


He explained that the volume of Egyptian exports during the first quarter of this year amounted to about 219 million pounds, compared to about 223 million pounds during the same period last year, while Egypt's imports from Britain amounted to about 300 million pounds, compared to 258 million pounds in the same period last year. .


The rise of the main stock index


The Egyptian Stock Exchange indices varied, at the end of today's trading session, as the main index rose for the third consecutive session, driven by the rise of a number of leading stocks, while the EGX70 and EGX100 indices declined, and the market capitalization gained 2.7 billion pounds to close at 651.685 billion pounds.


The "EGX30" index rose by 0.65%, to close at the level of 10,272 points, and the "EGX50" index fell by 0.26% to close at the level of 2,213 points, and the "EGX30" index with specific weights rose by 0.61% to close at the level of 12878 points. The "EGX30" total return index declined by 0.53% to close at 3,976 points.

 

While the index of small and medium-sized companies "EGX 70 of equal weights" decreased by 0.56% to close at 2347 points, and the "EGX 100 index of equal weights" fell by 0.19% to close at the level of 3315 points.

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