He added, during a telephone interview with the journalist Ahmed Moussa, on the “On My Responsibility” program, broadcast on Sada El-Balad channel, that President Abdel Fattah El-Sisi explained the pensions in a simplified manner and stressed that the pension issue was a priority since he assumed responsibility, and that the low value of pensions is one of the most important problems. We are facing where the state wants the stability of the pension system.
He pointed out that President El-Sisi addressed the pension crisis, and no one would have solved it but him, as the president is working to serve the Egyptian citizen, explaining that the pension problem occurred during the era of many governments, and no one except President El-Sisi addressed it and it was solved scientifically after dismantling the system. Insurances in order to identify and treat his problems.
Major General Gamal Awad continued that the government is refunding the pension amounts in annual installments for a period of 50 years, explaining that 160.5 billion pounds is the first installment of the National Authority for Insurance and Pensions.
The head of the National Authority for Social Insurance revealed that the next installment of the National Authority for Insurance and Pensions will reach 180 billion pounds.
Major General Gamal Awad added that President El-Sisi stressed the necessity of managing pensions in a scientific manner for financial sustainability, as the value of pension assets amounted to 890 billion pounds.
Major General Gamal Awad stressed that each pound of interest will be paid in full to the pensioners, in addition to the public treasury’s obligations towards the pension fund.
The head of the National Social Insurance Authority indicated that all pension funds are fully insured, and the state supports the pension system for 50 years.
Major General Gamal Awad stated that before 2014, some people received a pension of 80 pounds, and before 2014 the maximum pension for the undersecretary in the government was 1,800 pounds, and the university professor 1,600 pounds, and by 2019 it was announced that the problems of the pension system had been solved by putting in place mechanisms to solve the problems of each pensioners.
He revealed that President Sisi directed the search for and realization of citizens’ interests, and pension values began to improve gradually, and that the new pension system, with the passage of years, would approach 80% of the last salary the employee received.
Major General Gamal Awad, head of the National Organization for Social Insurance, concluded by saying that the annual increases in pensions are linked to inflation conditions, and President Sisi directed an increase in pensions by 13% to counter inflation.