Egypt raises public sector salaries 15%

CAIRO: Egypt's newly formed government has agreed to raise public sector salaries and pensions by 15 percent, the state-controlled MENA news agency reported on Monday.

The increase will become effective in April, MENA said, quoting new Finance Minister Samir Radwan who added that the cabinet's legislative committee had approved the raise.

Increasing allocations for civilian and military pensioners will cost the treasury 6.5 billion Egyptian pounds (940 million dollars), Radwan said.

He also said that the committee had approved the launch of a fund of five billion pounds (840 million dollars) to compensate those affected by looting and vandalism during two weeks of anti-regime protests.