President Abdel Fattah El Sisi decreed amendments to Egypt's social insurance law that will double pension values within seven years. The head of the Social Insurance Fund said the amendments apply to civil servants whose basic salary was set on June 30, 2015 and increased by 9% from July 1, 2015 onward. This means the value of pensions for those who retire after July 1, 2015 will increase by 8% after two years. The amendments also raise the maximum basic salary by 10% annually and the maximum variable salary payment by 15% annually, improving pension values over time.
President Abdel Fattah El Sisi decreed amendments to Egypt's social insurance law that will double pension values within seven years. The head of the Social Insurance Fund said the amendments apply to civil servants whose basic salary was set on June 30, 2015 and increased by 9% from July 1, 2015 onward. This means the value of pensions for those who retire after July 1, 2015 will increase by 8% after two years. The amendments also raise the maximum basic salary by 10% annually and the maximum variable salary payment by 15% annually, improving pension values over time.
President Abdel Fattah El Sisi decreed amendments to Egypt's social insurance law that will double pension values within seven years. The head of the Social Insurance Fund said the amendments apply to civil servants whose basic salary was set on June 30, 2015 and increased by 9% from July 1, 2015 onward. This means the value of pensions for those who retire after July 1, 2015 will increase by 8% after two years. The amendments also raise the maximum basic salary by 10% annually and the maximum variable salary payment by 15% annually, improving pension values over time.
El Sisis amendments to the social insurance law to double pensions
within seven years
Mr. Omar Hassan, the Head of the Social Insurance Fund, emphasized that the Decree by President Abdel Fattah El Sisi yesterday (November 24, 2015) on the amendment of some provisions of the Social Insurance Law will result in gradual doubling in the value of the pensions within the coming seven years. In his statements to Al Ahram Al Massai newspaper, the Head of the Social Insurance Fund said that the amendment to the Law will applicable on those covered under the Civil Service Law No. 18 of 2015, whose basic salary was identified on 30/6/2015 and was increased by 9% with effect from 1/7/2015. So, this decision will have a positive impact on the value of the pension of those, whose service will end after 1/7/2015, as it will be increased by 8% after two years. Mr. Hassan added that the increase of the maximum basic salary of the subscribers to LE 1120 with effect from 1/7/2015 and its annual increase by 10% will result in improving the value of pension. He indicated that the maximum of the variable payment of the salary, which is LE 1830, will be annually increased by 15% with effect from 1/1/2015 to reach LE 2110 by 1/1/2016. ********
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