14 Mar Spirula Reacts to the EGP Devalue with an Exceptional Salary Raise
Egypt’s central bank said on Monday it had devalued the Egyptian pound from 7.83 to 8.95 per US dollar at a special foreign exchange auction.
In the current challenging period where Egyptian pound suffers being under intense downward pressure in recent weeks and had weakened to almost 10 pounds to the dollar on the black market.
Spirula Systems decided to give exceptional salary raise to all of its employees with the same ratio as the USD – EGP exchange rate, which is nearly 15%, to compensate some of the expected effects on the price index. Our aim is to ensure our employees stable working conditions where they can maximize their potentials, increase commercial effectiveness, reinforce the firm’s culture, and help them contribute positively to their community.
UPDATE: In a quick reaction from Creiden, an Egyptian web design and development company, taking similar action which really reflects high sense of respect and trust towards their employees. And we encourage all Egyptian companies to take similar action helping employees overcome the current challenging situation.