Egypt pays LE 260B into pension fund within 19 months

CAIRO – 1 February 2021: "The total amount paid by the public treasury to the pension funds during the past 19 months is about LE 260 billion," Minister of Finance Mohamed Maait said Monday.

He added that on the 30th of next June, Egypt will have paid LE 360 billion.

Maait confirmed that the minimum pension increased from LE 450 in 2014 to LE 900 in 2019, and total pension increases reached LE 31 billion.

This came during the plenary session of the House of Representatives to hear the statement of the Minister of Finance on the ministry's position on implementing the government program.

Maait added that the ministry participated in drafting the insurance law, as its provisions included resolving financial intertwines with the National Insurance and Pensions Authority, which ballooned within 50 years, as the law stipulated that the public treasury is committed to transferring LE 160 billion during the fiscal year 2019, and increasing annually by 5.9 percent.

“This means that this year we will transfer LE 170 billion, and for the next fiscal year we will transfer LE 181 billion,” he added.