Minister of Solidarity: Increasing pensions for (4) million beneficiaries at a cost of 99


04:47 PM

Monday 01 February 2021

Books – Masrawy:

Nevin Al-Kabbaj, Minister of Social Solidarity, said that the tangles between the social insurance system and the treasury have been resolved in accordance with the provisions of the Social Insurance and Pensions Law No. 148 of 2019 by paying the public 160.5 billion pounds annually, increasing at an interest rate of 5.9% annually for a period of 50 years to meet the treasury’s obligations in the system Pensions and payment of debts owed to insurances.

The Minister of Social Solidarity added, during her presentation of the ministry’s statement to the House of Representatives, that the value of pensions disbursed was increased by 50% from 2018 to 2021 for 10.4 million beneficiaries at a cost of about 77.5 billion pounds, and in 2020, pensions due were increased by 14 % On the total pension value, with a maximum increase of 980 pounds, at an annual cost of about 25.1 billion pounds.

With regard to the five bonuses, Al-Kabbaj explained that the problem of special allowances not attached to the basic wage was ended with the issuance of Law No. 25 of 2020, and accordingly the variable wage pension was increased to about 2.4 million pensioners and beneficiaries, and the annual cost of the value of the special allowances due is 7 billion EGP with a total value of EGP 28 billion, which is disbursed in four annual payments, and the minimum pension as of 1/7/2019 according to social insurance laws is EGP 900 per month.

The Minister of Social Solidarity indicated that the legislative reform of the social insurance and pensions system has been completed with the issuance of the Social Insurance Law No. 148 of 2019, and its entry into force as of 1/1/2020, and the draft executive regulations of the law are being finalized as a prelude. To be issued by a decision of the Prime Minister in February 2021, and negotiations are underway with the various ministries and government agencies, in addition to the press institutions to settle debts owed by the holding companies and their subsidiaries with the National Social Insurance Organization – to benefit from what was decided by Law No. And additional tax and interest through an exchange of assets.

She emphasized that the growth of the volume of direct investments of the National Authority for Social Insurance from about 90 billion pounds to about 322 billion pounds during the period 2014-2020, and the return on the investment portfolio increased from 11.4 billion pounds to 40 billion pounds for the same period, and a pension was also disbursed. Monthly to the families of the victims and those injured as a result of terrorist operations for 1491 martyrs and wounded, at a total cost of about 18.4 million pounds for the period 2018-2020.

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