2023 Egypt Inflation

Spot Survey

March 2023

Reviewed
Not Peer

welcome to brighter
1 Introduction Physical Wellbeing

2 Participant profile Social Wellbeing

3 Survey results
Introduction
 Overview

Mercer is pleased to present the results from

our Egypt Inflation Spot poll,
that was conducted in March 2023.

This survey summarizes the market

response to the rising local inflation and
recent currency devaluation in Egypt.

In total, 250 organizations participated in this

survey.
Participants profile
Participation list
• AB & Associates • Banque Misr
• ABB • BariQ
• Abbott Laboratories • BASF Egypt LLC
• AbbVie Egypt • Bayer Egypt
• ACWA Power • Becton Dickinson (BD)
• ADCB • Beiersdorf
• Adidas • Bel
• Ahli United Bank • Beyti - Almarai Subsidiary
• AIR FRANCE KLM • BioGeneric Pharma
• Air Products • Boehringer Ingelheim
• AkzoNobel • BP PLC
• Al Ahram Beverages • British American Tobacco
• Al Futtaim Group • Buhler
• Al Monairy Group • Capital Group Properties
• Al Rowad for Plastic Pipes • Cargill
• Al Sharkeya Sugar Company • CDM Smith
• Alkan CIT • CEMEX
• Amazon • Chalhoub Group
• Americana • ChampionX
• Amgen • Cheiron Oil & Gas
• Apache • CHUBB Life Insurance
• Arab African International Bank • CIT VERICASH
• Aramex Egypt • Closure Systems International
• ASEC Engineering • CMA CGM
• AstraZeneca - Egypt • Cocacola CChellenic
• ATRIC Developments • Commercial International Bank of Egypt
• Azza Fahmy Jewellery • CTI
• Baker Hughes • Dabur Egypt Limited
• Ball Beverage Packaging • Danaher
• Bank ABC Egypt • Danone
• Banque du Caire • Dedalus

6
Participation list
• Dow • Fresenius Kabi Scientific Office -Egypt
• Dragon Oil • FSIT Services Egypt - Fujtisu
• DuPont • GB Auto
• Duravit Egypt • GE - Corporate
• Dyninno • Geidea
• Ecolab • General Electric Healthcare
• Edra Power Holdings • General Motors
• EG-Bank • Givaudan
• Egypt Express • Giza Systems
• Egypt Otsuka Pharmaceutical • Goodyear Middle East FZE
• Egyptian Abrasives • Google
• Egyptian Cotton Hub • Grundfos
• Egyptian Starch & Glucose Company • GTS Egypt
• Egytrans • Hassan Allam Properties
• EHC • Henkel
• ELARABY Group • Hero Middle East and Africa
• Eli Lilly • Hewlett Packard Enterprise
• Emaar Misr • Hikma Pharmaceuticals
• EMEC • Hilti Egypt
• Emerson FZE • Hitachi Energy Egypt
• ENGAGE • IBM Middle East FZ-LLC
• Ericsson • IDC
• Etihad Airways • IDEMIA
• Etisalat by e& • Informa Markets
• Extreme Solution for Information Systems • IQVIA
• ExxonMobil • IVL Dhunseri
• Ferrero • Johnson & Johnson
• Fertiglobe Egypt • JTI
• Fieldcore • Kellogg`s
• Fine Hygienic Holding • Keys payroll
• First Group Developments • KONE Middle East

7
Participation list
• Kuehne+ Nagel Limited Egypt • Munich Re
• Lecico • Naeem Holding for Investment
• LEONI • National Bank Of Egypt
• LGE Egypt • NCMP
• Libano Suisse Takaful Egypt • Nestlé
• Lipton Tea Egypt • Nile Misr
• LIXIL -Grohe • Nissan Motor Egypt
• L'oreal Egypt • Nokia Egypt
• Lyondellbasell • North South Consultants Exchange
• Maersk • Novartis
• Majid Al Futtaim • Novo Nordisk
• Mantrac • OLX Egypt
• Mapei • Ora Egypt
• Marakez • Oracle Egypt
• MARS • Orascom Construction
• Mashreq • Orascom Development
• Mashreq for Business Development • Organon
• Mastercard • P&G
• MBC Egypt • PepsiCo
• MCDR "Misr for Central Clearing, Depository and Registry" • PETRONAS Egypt
• Medmark Insurance Brokerage • Pfizer Pharmaceuticals
• Mercedes-Benz Egypt • Pharco Pharmaceuticals Group
• Merck • Philip Morris Egypt
• Methanex Egypt • Plasticbank
• Microsoft • Premier Group of Comapnies ( FedEx - Premier S&R - Kwik Kopy -
• Midea Egypt Kitchen and Water Heater Appliances Enterprise)
• Mindray • Progressive Business Services
• Miraco Carrier-Midea • Prosoft Information Systems
• Misr Life Insurance - Takaful • QNB
• Mondelez • Rameda
• MSD Egypt • Reckitt
• Red Bull Egypt for Import & Export
8
Participation list
• Red Hat • Talabat
• Robert Bosch • Talent Bay
• Roche Egypt • Tanmeyah Micro enterprise Services
• Samsung Electronics Egypt • Tatweer Misr
• Samusocial International Egypte • TCI
• Sanofi • Tenaris Global Services S.A.E
• SAP • Teradata
• SAS Middle East • Tetra Pak Egypt
• Savencia Egypt • The American University in Cairo
• Sawiris Foundation for Social Development • The coca-cola company
• SC Johnson • The KraftHeinz Company
• Schneider Electric • The World Bank
• Sedico Pharmaceuticals • Thomson Reuters
• Servier Egypt • ThyssenKrupp
• Shelf Drilling • TransGlobe Energy
• Sibelco • Transmar
• Siemens Energy • Unilever
• Siemens Healthcare • Valeo Egypt
• Siemens Healthineers • Vesuvius
• Sinai Cement Company - Vicat Group • Viatris
• SLB • Vodafone Egypt
• Soyven • VOIS Egypt
• Spirax Sarco Egypt • Voltalia
• Sutherland Global Services • Wadi Holdings
• Svitzer • Watany Eye Hospital
• Symrise S.A.E • WAVZ for Digital Transformation
• Syntegon Technology Ltd • White Space Architecture
• Sysmex • Wintershall Dea
• Tabreed • World Health Organization
• Takeda Pharmaceuticals • Worley Engineers Egypt Ltd
• Takween AI • Xylem
• Talaat Mostafa Group • Yodawy Egypt

9
Participation by Industry

Consumer Goods 14.0%

Other Manufacturing 12.9%
High Tech 12.2%
Life Sciences 10.4%
Energy 9.0%
Other Non-Manufacturing 8.6%
Banking/Financial Services 6.8%
Chemicals 5.4%
Services (Non-Financial) 5.4%
Logistics 3.9%
Retail & Wholesale 3.9%
Health Care Services 3.6%
Insurance/Reinsurance 1.8%
Transportation Equipment 1.8%
Mining & Metals 0.4%

N=279

Some organizations indicated more than one answer; therefore the total may exceed 100%.

10
Survey results
Merit salary increase in 2023
What is the applied/budgeted normal merit salary
increase percentage for 2023?
64% of organizations have already applied
their normal merit salary increase, the
remainder plan to apply the merit salary
increase in the following months:

Merit salary increase

April 64%

July 16%
25th Percentile 13.0%
May 6%
Average 17.0% June 4%

August 3%
Median 15.0%
September 2%
75th Percentile 20.0% October 3%

December 2%
N 228
November 1% N=111
Actions in response to the currency devaluation in 2023

In 2023, did you apply/plan to apply any actions in What actions did you apply/plan to apply in
addition to the normal merit increase in response to addition to the normal merit increase?
currency devaluation?

Special off-cycle salary increase 30%

Introduced COLA 29%

Yes 79% Providing lump sum amount 26%

Increase in transportation allowance 23%

Increase in Car allowance 24%

Other action(s)* 14%

No 21%
Increase in Fuel allowance 13%

N=250 N=198
Actions in response to the currency devaluation in 2023

Increase/amount provided/pan to provide for each element, in 2023

Cost of Living Increase in Increase in car Increase in fuel

Special off-cycle
allowance - COLA Lump sum amount transportation allowance allowance
increase salary
allowanc

25th Percentile 10% 0.25 10% 13% 20% 11%

Average 16% 1.2 15% 26% 36% 24%

Median 14% 1 12% 20% 30% 20%

75th Percentile 15% 1.5 15% 29% 50% 28%

N 58 53 73 54 50 27

Other actions:
• Increase in meal allowance
• Increase in housing allowance
• Increase in shift allowance
• Profit share in advance
• Bonus in advance
• Increase in Ramadn / Eid Bonus
• Retention increase for key talents
• Increase in sales commission
• Increase in health and sport allowances
• Increase in nursery allowance
• Increase in travel allowance
• Increase in School Bonus
Data confidentiality standards
To ensure the confidentiality of all data, a minimum
number of observations is required in order for
statistics to be displayed.
▪ Three organizations must report at least three
observations for a variable in order for the mean
and frequencies to be displayed.
▪ Four organizations and four observations are
required for display of the median.
▪ Five organizations reporting at least five
observations are required to display 25th and 75th
percentiles.
▪ In single-answer questions the total may not equal
100% due to rounding.
▪ In multiple-answers questions organizations may
indicate more than one option, therefore the total
may exceed 100%.
▪ A double hyphen i.e. “--” has been indicated where
there are insufficient data for analysis
Human Resource professionals who deal regularly with surveys are aware of the
variance that may exist in survey data. Data may fluctuate slightly from year to year due
to changes in the participant base. It is also important to note that within a sample, a
significant amount of data may be reported by one organization. It is also possible for
data to change drastically from year to year due to industry-related factors and
economic conditions.
Mercer is providing this survey information to its clients to permit them to make
independent decisions regarding salaries and benefits. Because the exchange of salary
and benefit information among competitors may be construed in certain circumstances
as a means to facilitate an antitrust violation, Mercer has taken appropriate steps in
collecting and disseminating this information in order to avoid such perceptions.
The information and data contained in this report are for information purposes only and
are not intended nor implied to be a substitute for professional advice. In no event will
Mercer be liable to you or to any third party for any decision made or action taken in
reliance of the results obtained through the use of the information and/or data
contained or provided herein.
If you have questions regarding the survey or the report,
contact us at:
mahmoud.farid@mercer.com
+20 111 807 7703
hady.nassef@mercer.com
+20 111 122 2115
Copyright © 2021 Mercer (Polska) Sp. z o.o. All rights reserved.