Bloomberg News

Egypt’s Mursi Boosts Military Pensions by 15 Percent

July 02, 2012

Egyptian President Mohamed Mursi ordered that the pensions of military personnel be raised by 15 percent instead of an earlier proposal of 10 percent, the official Middle East News Agency reported.

Earlier, the finance ministry said that yesterday’s decision to give state administrative workers a 15 percent pay increase would cost the country 3.5 billion pounds ($580 million). The ministry was in discussions with the Ministry of Social Affairs on how to fund a separate 15 percent increase in pensions that was approved for workers yesterday, Finance Minister Momtaz el-Saieed said in a statement e-mailed by the ministry.

Mursi, who was sworn in as Egypt’s first freely-elected president on June 30, has said he wants to raise workers’ wages as part of a broader social justice program. Mursi assumed a post whose authority had been diluted by the generals that took over after Hosni Mubarak’s ouster last year. The Muslim Brotherhood, from whose ranks Mursi was drawn, has been locked in a power struggle with the military.

Mursi had earlier ordered that the pensions for armed forces personnel be raised by 10 percent, MENA reported, citing Mursi’s spokesman, Yasser Ali.

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus