“Wage and pension increases, hoarded funds,” President Tebboune explains!

By: Hana Saada

ALGIERS– The President of the Republic, Abdelmadjid Tebboune indicated that the previously announced salary increases, which will be paid before the holy month of Ramadan, are an “exceptional and unprecedented” decision, especially since the rate of increases will reach 47% by 2024.

During his periodic interview with national media representatives, broadcast on Friday evening on national television and radio stations, President Tebboune stressed that the salary increases announced, in addition to retirement pensions and the reduction of income taxes, were all part of the improvement of the purchasing power of the Algerian citizen.

“No salary increase has been recorded in Algeria for almost 10 or 15 years. The current gradual increase in wages will undoubtedly affect the standard of living of the citizen, pending a definitive increase during the next year”, further explained President Tebboune.

The President of the Republic noted, in the same context, that the State “wages a real battle to protect the purchasing power of the citizen by fighting against all forms of speculation and corruption”.

Responding to a question on hoarded funds, the President of the Republic mentioned measures that will soon be taken against people who hoard their money, calling for the placement of these funds in banks or their investment in official economic activities.