Egypt sets minimum wage at 700 pounds

Egypt on Wednesday lifted the minimum monthly wage to 700 Egyptian pounds ($117.8) in the country where regime-changing protests were partly fuelled by economic woes earlier in the year.

Finance Minister Samir Radwan made the announcement at a news conference, without saying when it would come into force.

He pledged the pay rate would "be gradually raised to 1,200 pounds within five years."

In November, the National Council for Wages raised the minimum wage to 400 pounds after a court order to review the pay scale, which had been set at 35 pounds in 1984.

The new minimum wage is still considered a pittance as inflation hovers at around 12 percent and unemployment at 11.9 per cent in the country of 80 million people.

Egypt's economy has been further been hit by the popular uprising that ousted the regime of veteran president Hosni Mubarak in February.

Following the protests, 49 organisations including political parties, unions, youth and non-governmental groups signed a statement calling for a minimum monthly wage of 1,500 pounds.

They also sought a wage ceiling to "ensure fair distribution of wealth."

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