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Monday, 2 July 2018

You can start collecting your pension increase this month

The airwaves were replete with miscellany last night, with the highlight being Finance Minister Mohamed Maait’s take on the beginning of the FY2018-19 year.

Maait gave a breakdown on social welfare spending in the new fiscal year in an interview with Masaa DMC’s Eman El Hosary. The minister underscored wage increases for public sector workers will see an increase to about EGP 270 bn, the largest wage increase in years. He also noted that raising the minimum threshold for tax exemptions will cost the state EGP 9 bn while bonuses to state workers will cost EGP 22 bn. Pension increases will cost an additional EGP 28 bn, he said.

Spending on public services jumped to EGP 100 bn from EGP70 bn in FY2017-18, which Maait described as “the largest increase” in public services spending (watch, runtime: 9:53).

The public will feel the impact of new welfare benefits this month, Social Solidarity Ministry spokesperson Mohamed El Akebi told Hona Al Asema’s Dina Zahra, who is filling in today for Lamees Al Hadidi. The new minimum pension payout will be EGP 750 and is available for pickup through ATM machines starting from today. El Akebi noted that some three mn citizens (or 43% of pensioners) will see their pensions increase around 23%. Another four mn will see their pensions rise by 15% (watch, runtime: 6:48).

Carbon Holdings’ USD 10.9 bn petrochemicals plant in Suez Canal Economic Zone received plenty of coverage on the airwaves last night. Former Oil Minister Osama Kamal spoke on the wider implications of the project on Al Hayah fi Masr. The complex, which the the government is positioning as among the largest of its kind in the world, will bolster FDI and create jobs directly and in feeder industries, Kamal said (watch, runtime: 2:20).

Up to 15 governors to exit stage right? A shuffle of Egypt’s governors is imminent, with some 10-15 governors set to be replaced, Yahdoth fi Masr’s Sherif Amer said, citing MP Ahmed El Segini. El Segini said he expects the shuffle to take place today or early tomorrow before Prime Minister Mostafa Madbouly addresses parliament (watch, runtime: 3:00).

Prime Minister Moustafa Madbouly is in Mauritania for an African Union summit. Cabinet spokesman Ashraf Sultan called in to Al Hayah fi Masr to discuss highlights of the gathering, which include economic development, fighting corruption and extremism (watch, runtime: 5:41).

Political analysts have their day on 30 June: Talking heads brought on their favorite political commentators to mark the fifth anniversary of 30 June revolution. Al Hayah fi Masr’s Kamal Mady hosted political science professor Tarek Fahmy (watch, runtime: 17:19), while Hona Al Asema’s Dina Zahra hosted Al Shorouk newspaper chief editor Emad al-Din Hussein, Ahram Center Analyst Ahmed Kamel al-Behiri and General Khaled Okasha to discuss the fate of political Islam and terrorism in the region (watch, runtime: 20:50).

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