{"id":2717,"date":"2021-09-14T12:55:00","date_gmt":"2021-09-14T12:55:00","guid":{"rendered":"https:\/\/riad-riad.com\/?p=2717"},"modified":"2021-12-16T17:41:38","modified_gmt":"2021-12-16T17:41:38","slug":"payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt","status":"publish","type":"post","link":"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/","title":{"rendered":"Payment of Salaries and the New Law Regulating \u201cNon-cash Payment Methods\u201d in Egypt"},"content":{"rendered":"\n<p>State authorities and public sector entities are required &#8211; by virtue of Law No. 18\/2019 regulating Non-cash Payment Methods &nbsp;(the <strong>\u201cLaw\u201d<\/strong>) &#8211; to execute payments of their employees, board members, service providers, experts and\/or consultants through non-cash payment methods. Private sector companies as well are required to pay the entitlements of their employees, executive directors, board members and\/or consultants via non-cash payment methods whenever the number of their employees exceeds 25 or their monthly payroll exceeds EGP 100,000.<\/p>\n\n\n\n<p>The Law and its Executive Regulation were issued as part of the legislative reformation supporting Egypt\u2019s transition towards digital economy and e-payment systems. Addressed entities were required to comply with the Law within six months from the date of issuance of the executive regulations on 7<sup>th<\/sup> &nbsp;September 2020 (i.e. before 7<sup>th<\/sup> March 2021). The Egyptian Cabinet granted another six month grace period, ended on 7<sup>th<\/sup> September 2021, for compliance with the Law.<\/p>\n\n\n\n<p>The Law defines \u201cNon-cash Payment Methods\u201d as all means of payment which are carried out by adding credit to beneficiary\u2019s bank account; including orders of deposits, transfers, debit and credit cards and payments by mobile or other means approved by the Central Bank of Egypt. Whoever violates the Law by using cash payments shall be penalized by a fine of not less than 2% and not more than 10% of the cash amount paid in violation to the Law. Same sanction applies in the event of fractionating payments with the intention of evading the application of the Law.<\/p>\n\n\n\n<p>We believe that the application of the Law will have a significant impact on companies and factories in Egypt who use traditional cash payments of employees\u2019 salaries and other entitlements (i.e. overtime payments, annual leave balances, meal and transportation allowances, occasional remunerations&#8230;etc).<\/p>\n\n\n\n<p>We further think that it is currently necessary to amend the Egyptian Labor Law which stipulates that employees must sign on an internal \u201cpayroll register\u201d as an evidence of receiving their salary.&nbsp; Such requirement should rather be replaced by other electronic means of evidence to align with the application of the Non-cash Payment Law.<br><br>For any inquiries, please feel free to contact <a href=\"https:\/\/riad-riad.com\/attorney\/dr-eman-riad\/\">Dr. Eman Riad<\/a> or <a href=\"https:\/\/riad-riad.com\/attorney\/ahmed-waheed-2\/\">Heba El-Abd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>State authorities and public sector entities are required &#8211; by virtue of Law No. 18\/2019 regulating Non-cash Payment Methods &nbsp;(the \u201cLaw\u201d) &#8211; to execute payments of their employees, board members, service providers, experts and\/or consultants through non-cash payment methods. Private sector companies as well are required to pay the entitlements of their employees, executive directors, &#8230; <a title=\"Payment of Salaries and the New Law Regulating \u201cNon-cash Payment Methods\u201d in Egypt\" class=\"read-more\" href=\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/\" aria-label=\"More on Payment of Salaries and the New Law Regulating \u201cNon-cash Payment Methods\u201d in Egypt\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":2718,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Payment of Salaries and the New Law Regulating \u201cNon-cash Payment Methods\u201d in Egypt - riad-riad.com<\/title>\n<meta name=\"description\" content=\"State authorities and public sector entities are required - by virtue of Law No. 18\/2019 regulating Non-cash Payment Methods \u00a0(the \u201cLaw\u201d) - to execute payments of their employees, board members, service providers, experts and\/or consultants through non-cash payment methods. Private sector companies as well are required to pay the entitlements of their employees, executive directors, board members and\/or consultants via non-cash payment methods whenever the number of their employees exceeds 25 or their monthly payroll exceeds EGP 100,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payment of Salaries and the New Law Regulating \u201cNon-cash Payment Methods\u201d in Egypt - riad-riad.com\" \/>\n<meta property=\"og:description\" content=\"State authorities and public sector entities are required - by virtue of Law No. 18\/2019 regulating Non-cash Payment Methods \u00a0(the \u201cLaw\u201d) - to execute payments of their employees, board members, service providers, experts and\/or consultants through non-cash payment methods. Private sector companies as well are required to pay the entitlements of their employees, executive directors, board members and\/or consultants via non-cash payment methods whenever the number of their employees exceeds 25 or their monthly payroll exceeds EGP 100,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"riad-riad.com\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-14T12:55:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-16T17:41:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/riad-riad.com\/wp-content\/uploads\/2021\/10\/non-cash-payment-methods-02.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"754\" \/>\n\t<meta property=\"og:image:height\" content=\"459\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nada Alyan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nada Alyan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/\"},\"author\":{\"name\":\"Nada Alyan\",\"@id\":\"https:\/\/riad-riad.com\/#\/schema\/person\/b5b214a4c211e6e21a3b0101d2995a66\"},\"headline\":\"Payment of Salaries and the New Law Regulating \u201cNon-cash Payment Methods\u201d in Egypt\",\"datePublished\":\"2021-09-14T12:55:00+00:00\",\"dateModified\":\"2021-12-16T17:41:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/\"},\"wordCount\":373,\"publisher\":{\"@id\":\"https:\/\/riad-riad.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/riad-riad.com\/wp-content\/uploads\/2021\/10\/non-cash-payment-methods-02.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/\",\"url\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/\",\"name\":\"Payment of Salaries and the New Law Regulating \u201cNon-cash Payment Methods\u201d in Egypt - riad-riad.com\",\"isPartOf\":{\"@id\":\"https:\/\/riad-riad.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/riad-riad.com\/payment-salaries-and-new-law-regulating-non-cash-payment-methods-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/riad-riad.com\/wp-content\/uploads\/2021\/10\/non-cash-payment-methods-02.jpg\",\"datePublished\":\"2021-09-14T12:55:00+00:00\",\"dateModified\":\"2021-12-16T17:41:38+00:00\",\"description\":\"State authorities and public sector entities are required - by virtue of Law No. 18\/2019 regulating Non-cash Payment Methods \u00a0(the \u201cLaw\u201d) - to execute payments of their employees, board members, service providers, experts and\/or consultants through non-cash payment methods. 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