Finance Minister Mohamed Maait said that, following President Abdel Fattah Al-Sisi’s directives to support the insurance and pension system and resolve financial entanglements with the National Authority for Social Insurance, the state’s general treasury has transferred over EGP 768bn to the authority in 52 months, since the agreement was signed with the Ministry of Social Solidarity in September 2019.
The aim is to repay the insurance fund dues accumulated over half a century, per the Social Insurance and Pensions Law No. 148 of 2019, ensuring the provision of the necessary financial liquidity to serve pensioners and fulfill all obligations towards the pension system.
In a statement, Maait said that despite all the internal and external economic challenges, the ministry will continue to support the pensions system with EGP 202bn during this fiscal year. He stressed that the ministry will continue to transfer the financial amounts stipulated in the Social Insurance Law to support pensions, making the total state’s general treasury transfers amount to EGP 46.478tn to the National Authority for Social Insurance by 2050.
He pointed out that the state pays special attention to pensioners in appreciation of their valuable efforts during their career path, spanning over 40 years. He also pointed out that the past two years have witnessed four pension increases from April 2022 until now, helping to alleviate the burdens on their shoulders and reduce the impact of inflation.