Govt to discuss maximum wage before end of month

Before the end of August, the cabinet will receive for discussion proposals for the maximum wage, Minister of Finance Hazem al-Beblawy has revealed.

Beblawy told Al-Masry Al-Youm that a maximum wage will be implemented in the public sector, while the private sector will be free to determine its own wages.

Sources told Al-Masry Al-Youm that the maximum wage will be 20 times the minimum wage of LE700, which means it will stand at LE14,000 per month.

In other news, Beblawy, who is also the deputy prime minister for economic affairs, said he will attend a G8 meeting next month in France to discuss how Egypt will benefit from an assistance package of US$20 billion that G8 countries said would be given to Egypt and Tunisia in support of the Arab Spring.

Beblawy also said that borrowing from foreign sources is not rejected in principle, adding that the decision to take a foreign loan depends on the specific circumstances.

He also said that the current financial crises in the US and Europe may prompt them to change their strategies of lending and assistance.

Translated from the Arabic Edition

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