21 Nov 2016 Spirula increases salaries to mitigate the effect of floating the EGP
During the last period, Egypt faced and unusual economic circumstances after the recent floating of the Egyptian pound, which will directly impact the inflation rate and cost of living.
As we are trying to focus our efforts on keeping Spirula’s employees secured and maintain the same quality of life so they can focus on serving our clients at their best we decided to revisit our salaries with an exceptional salary raise to mitigate the above consequences. Although this increases the costs on our budget, but we believe that the best investment should be on our staff. Moreover, as the cost of living will vary with time due to free floating, it was decided to make salary adjustments to all Spirula’s staff at the start of each quarter with the same ratio as the EGP-USD exchange rate fluctuates in the banks.
We urge Egyptian companies to take similar actions to help to overcome the challenges that they may face from the current circumstances witnessed in Egypt. And hope we all overcome this very soon.