Egypt’s unemployment rate drops to 6.9% in 10-yrs
Under the administration of President Abdel Fattah al-Sisi, Egypt’s unemployment rate has witnessed a remarkable decline over the past decade, dropping from 13 per cent in 2014 to 6.9 per cent in 2024, according to a Cabinet statement on Tuesday.
This positive trend is attributed to major national projects that have created jobs in various sectors, leading to the incorporation of many informal workers after being officially registered with the Ministry of Labour.
The ministry assists youth in finding jobs through employment offices and licensed Egyptian labour recruitment companies, resulting in over seven million individuals being employed.
Additionally, it manages work permits for Egyptian workers abroad and runs 9 labour representation offices in countries where nearly five million Egyptian workers are employed.
In February 2023, President Sisi announced a 50 pe cent increase in the minimum wage to 6,000 Egyptian pounds per month. This initiative aims to alleviate financial pressures on citizens and support a comprehensive social protection plan.
The new financial year budget allocates 573 billion pounds for wages, from the current budget of 470 billion pounds. The minimum wage has increased five-fold over six years, from 1,200 pounds in 2018 to 6,000 pounds in the latest 2024 package.
President al-Sisi has established a fund to support and protect irregular labour, particularly in light of the COVID-19 impact, using resources from the Ministry of Manpower in various governorates to enhance services, as per the statement.
Egypt has introduced key policies, such as a 4.586-billion-pound presidential grant, with 1.4 billion pounds designated for social and health care for irregular labour, the statement added.
Additionally, President al-Sisi set the Emergency Relief Fund for workers under the Ministry of Labor, which has provided over 1.6 billion pounds in support to private and public sector businesses affected by the pandemic in the past 10 years.
The Ministry of Labor runs 75 training centres nationwide to improve youth skills and match training with job market needs. As well, 10 mobile units are set to offer free vocational training in villages.
This initiative is part of the Decent Life and Your Profession, Your Future programmes, focusing on high-demand professions in local and international job markets.
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