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Egyptian President Al-Sisi to increase pension funds

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The official newspaper of Egypt published the decision of Egyptian President Abdel Fattah El-Sisi to increase pensions on 04/01/2023.

The first article of the decision states that: pensions due before this date and determined in accordance with the provisions of the following two laws shall be increased by 15% as of April 1, 2023:

1- Law No. 1 of 1946 on the appointment of exceptional pensions and bonuses.

2- Law on Social Insurance and Pensions promulgated by Law No. 148 of 2019.

The following provisions apply to this supplement: A- The pension on which the supplement is calculated means the total pension due to the pensioner and the supplements added to it before March 31, 2023. (B) The pensioner’s supplement is bound (15%) or which completes the total amount of a person entitled to a pension, subsidies and supplements up to the minimum limit provided for in the last paragraph of section (24) of the aforementioned Social Security and Pensions Act, whichever is greater, and not less than 170 pounds, and the amount of the supplement is not exceeds its percentage of the maximum monthly subscription wage in March 31, 2023.

Source: RT

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