“It may lead to the bankruptcy of companies.” The Alexandria Chamber comments on the implementation of the limit

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11:36 AM

Wednesday October 13, 2021

Alexandria – Mohamed El-Badri:

Today, Wednesday, the Egyptian Chamber of Commerce in Alexandria discussed the repercussions of the decision to implement the minimum wage for private sector companies, during a meeting with a number of heads of commercial divisions.

The meeting discussed the implications of the decision to implement the minimum wage in the private sector, set at 2,400 pounds, as of January 1, 2022, calculated on the basis of the wage stipulated in Clause (c) of Article (1) of the Labor Law, and its impact on the business sector.

A statement issued by the Alexandria Chamber of Commerce, today, Wednesday, stated that the decision allows in the event that companies are exposed to economic conditions that make it impossible to meet the minimum wage, to apply for an exception to that obligation, and this request is submitted through the unions affiliated with those institutions, and it is necessary to include The request justifications for the exemption, and documents proving that are attached.

He added that the minimum value of the periodic annual bonus for the private sector, starting from the fiscal year 2021, according to the accounting fiscal year for each facility, is no less than 3% of the insurance contribution wage stipulated in the Social Insurance and Pensions Law, with a minimum of 60 pounds.

A number of people’s heads at the Alexandria Chamber of Commerce expressed their objection to the decision to implement the minimum wage, and stressed that the decision needs to be reviewed by decision makers, considering that its repercussions will negatively affect the business sector, and may lead to the bankruptcy of some institutions and a high unemployment rate.





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