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Tuesday, 29 November 2022

Social ins contributions and payouts to rise in the new year

Among the other stories we’re paying attention to this morning:

ECONOMY-

Employees will pay more towards social ins. starting in January: The subscription wage used to calculate national ins. contributions for public and private sector workers will be raised to a minimum of EGP 1.7k and a maximum of EGP 10.9k as of 1 January 2023, up between 10-20% from last year, according to a statement from the National Social Ins. Authority. The hike comes in line with a plan laid out in the 2019 Pension Act to gradually increase national ins. contributions.

Pensioners will also get a bit more in their pockets each month, the statement said. Payouts to retirees and other beneficiaries will rise on 1 January to a minimum of EGP 1.1k and a maximum of EGP 8.7k.

CONSUMER FINANCE-

Cairo-based e-payments firm Damen plans to establish an investment arm focused on consumer finance and microfinance during Q2 2023, with funding from private equity player Aur Capital, CEO Tamer El Hussainy told Al Mal.

COMMODITIES-

New state silos company: The Egyptian Holding Company For Silos and Storage and the Agricultural Bank of Egypt are setting up a new company for silos and warehouses named Ard Misr (Egypt’s Land), according to a Supply Ministry statement.

GREEN ECONOMY-

Honeywell and Intro Group subsidiary Environ Adapt could set up a chemical plastic recycling facility. Enterprise Climate has the story.

ELECTRONICS-

IT infrastructure contractor Benya Group will sign by mid-December final agreements with Saudi’s Al Fanar to establish a tech-focused JV in the Gulf country, Chairman Ahmed Mekky told Bloomberg Asharq in an interview (watch, runtime: 1:22).

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