Thursday 25 November 2021
Major General Gamal Awad, head of the National Social Insurance Authority, said that the minimum wage for participation in the social insurance system is 1,200 pounds during the current year, with an increase in this limit by 15% annually to reach 2,300 pounds in 2025, and this is reflected positively on the pension values u200bu200bdue to participants in the system.
This came during his meeting with members of the American Chamber of Commerce, in the presence of Imad Nasr, head of the Chamber’s Human Resources Committee, and representatives of American and multinational companies operating in Egypt, according to a statement from the authority today, Thursday.
During the meeting, Awad gave a simplified explanation of the future vision targeted by the Authority during the coming period, and listened to some of the obstacles facing companies in their work related to the work of the Authority, and stressed his continuous follow-up to any obstacle they may face.
Awad stressed that the authority spares no effort in developing the current work system and that the digital transformation process is being moved forward, which will be available as of 1/7/2023, in a manner that facilitates all procedures for all those dealing with the social insurance system and in a manner that contributes to providing all insurance services with ease.
The head of the authority explained that the state has put in mind all the problems facing the social insurance system, not from today, but from 2014, and many solutions have been developed for all the problems facing all dealers with the insurance system, whether it is an employer or an insured, pensioners and beneficiaries. Reducing the participation rates in Law 148 from 40% to 28.75% without any impact on the pension values of any worker. Rather, the state has directed to establish a special fund for the investments of insurance funds based on scientific methods in order to reach the best possible returns, which are positively reflected on the pension values.
Awad added that what is new in the law is for the irregular worker to pay his share only, provided that the state bears the share of the employer, giving an example of this: “If the person who is insured pays 9% of the insurance contribution, and his minimum wage is 1200 pounds per month. He will pay 108 pounds, and the state’s public treasury contributes 144 pounds, equivalent to the employer’s share, and in return he will be insured against the risks of old age, disability and death, and he is entitled to a pension when one of the conditions for pension entitlement is met with a minimum of 900 pounds, and this minimum is not fixed but rather It increases annually.
The head of the authority indicated that in order to facilitate all business owners, the service of registering the registration form “1, 2, 6” was launched through the authority’s website www.nosi.gov.eg, as well as 15 inquiry services were made available through the digital Egypt portal, including the inquiry about the insurance number, the inquiry About the last insurance period, inquiring about the periods of participation in social insurance, inquiring about wages for each period in social insurance, inquiring about deductions for the insured, inquiring about the basic data of the pension file, inquiring about the disbursed pension for the payer.
It was made available to inquire about the pensions due to the beneficiary, inquire about deductions for those who pay, inquire about the balance of the insured for workers abroad, inquire about the payment of workers abroad, inquire about the data of “one or more vehicles” for the owner, inquire about the account balance of “one or more vehicles” for the owner, inquire For vehicle license data, inquire about car account balance.