Mohamed Maait, Egypt’s Minister of Finance, has said that the state’s public treasury has paid EGP 330.5bn to the National Authority for Insurance and Pensions within 24 months until the end of June 2021.
It comes as part of an agreement between the Ministries of Social Solidarity and Finance to repay accumulated dues over half a century to local insurance funds.
By the end of June 2022, the Finance Ministry will have paid EGP 510.5bn over 36 months to the authority.
Maait explained that the annual increase in instalment payment was amended to become 5.9% instead of 5.7%; to absorb the measures taken by the state to improve the living conditions of pensioners, and to include the “five bonuses” ordered by the president. The total amount paid by the state’s public treasury over seven years is scheduled to reach EGP 2.363trn.
He pointed out that the state’s public treasury will pay about EGP 45trn to the National Authority for Insurance and Pensions over 50 years, which is the term of the agreement to resolve entanglements, as of 2019.