Saif al-Islam al-Kadhafi, president of Kadhafi International Foundation for Development and the eldest son of the Libyan ruler, has announced that the salaries of public sector employees will be raised by 25%. The state will also increase the employees' housing allowance by 237%.
In his speech during the inauguration of the National Council for Economic Development in Tripoli, Saif al-Islam noted that basic wages would be up by 45% for those who have no one to support, by 72% for two member families, and by 100% for families comprised of three people and plus. “Salaries of employees in public bodies not financed by public treasury would be increased by 110 %,” he was quoted as saying by LJBC website.
“The salaries of employees of Public companies to be increased by 120%, and that such companies may increase salaries by 30% as a distinction allowance, so the total increase of the salaries of these companies may top 150%,” Saif al-Islam added.
He also pointed out that the increase of the salaries of the employees of the health sector in some specialization may top 500%.
In the oil sector, the hike will amount to 275%.
Kadhafi Jr. explained that the productive loans would be increased to not less than Libyan Dinars 80,000 (close to US$270,000), because this sum enables the citizen to set up successful productive projects.
Saif al-Islam al-Gathafi also reviewed the measures taken within the framework of transferring the ownership of some banking and contractor companies into 'Joint-stock company' ownership, through investment portfolio related to the distribution of wealth to the people deprived of wealth. He disclosed that Sahrai and Wahda banks, Gulf for Engineering and Contractor Constructions, the Mediterranean for Engineering Constructions Company, and al Tadhamon for real estate construction were transferred into joint stock companies for these families.