With the impending arrival of Ramadan, many workers and employees in Egypt are eagerly anticipating the government-mandated salary increases scheduled for March 2025. The Egyptian Ministry of Finance has announced comprehensive details about the new salary adjustments, indicating employees will be able to access their wages via banks, the Egyptian postal service, and ATM machines.
The upcoming salary increments aim to alleviate financial burdens on citizens, particularly as living costs surge during Ramadan, traditionally marked by heightened consumer spending. The newly established salary figures will apply across all job grades:
- Executive Level: 12,200 EGP
- High Level: 10,200 EGP
- General Manager Level: 9,200 EGP
- First Level: 8,200 EGP
- Second Level: 8,000 EGP
- Third Level: 7,500 EGP
- Fourth Level: 7,000 EGP
- Fifth Level: 6,500 EGP
- Sixth Level: 6,000 EGP
Salary disbursement for March is set to commence on March 23 and extend over several days, following the announced schedule from the Ministry. Specific dates are also slated for the payment of overdue financial obligations on March 6, 9, and 10. Employees can collect their paychecks from numerous outlets, including:
- Widespread ATM machines across the country.
- Branches of banks authorized by the Ministry of Finance.
- Egyptian post offices located throughout various governorates.
It is recommended to visit designated payment locations during allocated times to avoid congestion and to facilitate the timely collection of compensation.
This wage enhancement directly corresponds to increasing living expenses, especially with Ramadan approaching, which inherently drives up family consumption levels. The increased wages are anticipated to:
- Enhance the purchasing power of citizens.
- Lighten financial pressures amid the Ramadan season.
- Support economic stability and boost consumer spending.
On another front, President Donald Trump has threatened to impose significant tariffs of 25% on goods from Mexico and Canada and an additional 10% on imports from China, with these tariffs scheduled to take effect on March 4. Mexico, Canada, and China represent America's top three trading partners, and these tariff hikes risk inflations on consumer goods already impacted by rising inflation rates.
Trump stated on his social media platform, Truth Social, "Drugs are still flowing across our borders from Mexico and Canada at unacceptable levels," linking the tariffs to illegal immigration issues and the influx of fentanyl entering the U.S. He asserted, "We cannot allow this epidemic to continue harming the United States; hence, until it is stopped or significantly reduced, the proposed tariffs set to take effect on March 4 will go through as planned."
Originally, the 25% tariffs on Mexico and Canada were already slated for implementation, but the president had not previously threatened additional tariffs of 10% on Chinese imports following the earlier imposition of 10% tariffs earlier this month. Trump's remarks initially caused a negative reaction among U.S. stocks, with Dow Jones futures dropping by 90 points. Still, the three major indexes opened positively afterward, with the Dow Jones gaining 0.5%, S&P 500 up by 0.3%, and NASDAQ rising just under 1%.
This announcement from Trump came after confusion during the first Cabinet meeting when he stated "April 2 for everything," which raised questions among reporters about the clarification on when tariffs on Mexico and Canada would be enforced. This led many to believe the tariffs were postponed after the previous 30-day halt on imports due earlier this month.
If these tariffs proceed, there is concern over potential retaliatory actions from Canada, Mexico, and China, which could damage domestic industries. Following the initial implementation of 10% tariffs on all Chinese imports earlier this month, China responded by imposing 15% duties on specific U.S. exports to China, including certain coal and liquefied natural gas varieties, alongside 10% tariffs on crude oil, agricultural machinery, large cars, and small trucks.
These economic developments showcase the complex interplay between government policy interventions and their broader impact on citizens' finances, particularly as they navigate the financial strains exacerbated by the onset of Ramadan as well as rising tensions between the U.S. and key trade partners. Stakeholders are awaiting the outcome of these proposed tariffs, amid rising living costs and heightened financial expectations as Ramadan approaches. The forthcoming salary increases may provide some relief, but the potential tariffs could create additional financial unpredictability for Americans.