Four Egyptian Banks Chiefs restore Full Wages as Max Pay falls

The leaders of four banks have obtained their full wages retroactively following the cancelation of a system to apply maximum pay; high-profile governmental sources told Amwal Al Ghad Monday.

The four banks are the National Bank of Egypt (NBE), Banque du Caire  (BDC), Housing and Development Bank (HDB), and Export Development Bank of Egypt ( EBE).

The source announced that the procedure to give the full wages back also includes banking leaderships, who formerly resigned protesting maximum wages system.

In July 2014, the government’s official legislative gazette published the regulations for setting maximum wages, with no exemptions for the judicial system, police forces or banking sectors.

At the beginning of fiscal year 2014-15, the government has issued the maximum wage system which stipulates that wages should be no larger than 35 times the minimum wage; EGP 1,200, or EGP 42,000 without exempting public banks and oil companies.

Around 140 officials have resigned protesting the maximum wages system,  with the former NBE official stating that his bank has witnessed the resignation of 5 heads of departments within the bank, including the vice chairman.