Exclusive: Egypt’s PM Determines Monthly Salaries Of Banks’ Chairmen

The Egyptian Prime Minister Hisham Kandil will issue a decree within the coming hours determining the net monthly wages of the chairmen of state-owned banks, the decree document that Amwal Al Ghad received shows.

Each board of directors of these banks shall issue a decision, determining the values of wages in accordance with law no. 242 for 2011 which stipulates that the cap on wages should not exceed 35 times the minimum wage in the same body. The new decree came in effect as of the beginning of January 2013.

According to the decree no. 19 for 2013, the net monthly wage of the representatives of the public-sector banks’ boards of directors shall be 90% of the net wage of the chairman of each bank. The net monthly wage rises according to the annual raise approved by each board of directors.

The maximum wage scheme does not apply to the travel allowances allocated for banks’ chairmen and representatives to do specific assignments inside and outside the country.