Egyptian treasury will bear EGP35bln for pensioners’ five bonuses

The Egyptian treasury will bear the cost of the five bonuses that will be paid to pensioners, worth  35 billion Egyptian pounds for the current year and 7 billion pounds pounds annually over the coming years.

In a statement, Maait said that flexible wage pensions will be resettled, adding 80 percent from the special bonuses which are not included in the basic wage for pensioners whose service ended between 1 July 2006 and 30 June 2016.

The minister added that the state wants to improve pensioners’ living standards and that it is keen on solving the accumulated problems of the pensions system.

Maait said that increments and additional bonuses for state employees cost in FY 2020/2021 EGP 31 billion pounds , while new decreases of earned income tax cost  4 billion pounds pounds .