Egypt steadfast supports insurance, pension system – FinMin

Egypt’s Minister of Finance Mohamed Maait reiterated on Sunday the government’s steadfast support for the nation’s insurance and pension system, aligning with President Abdel Fattah al-Sisi‘s directives.

According to a statement posted by the Cabinet on Sunday, despite significant fiscal strains from global crises and regional tensions, efforts to untangle financial complexities with the National Authority for Social Insurance persist, with over 818 billion Egyptian pounds disbursed since September 2019 in compliance with Social Insurance and Pensions Law No. 148 of 2019, addressing accumulated dues spanning five decades.

Allocation of 202 billion Egyptian pounds in the current financial year underscores the government’s commitment to ensure financial stability and meet obligations to pensioners and beneficiaries, with projections indicating 46 trillion and 478.9 billion Egyptian pounds earmarked for the National Authority for Social Insurance by 2050, reflecting a proactive stance to maintain liquidity crucial for sustaining the pension system amidst evolving economic dynamics.

The Minister’s emphasis on preserving the pension system’s integrity highlights its pivotal role in supporting retirees and upholding social welfare, underscoring the government’s unwavering dedication to honour financial commitments and fortifying the insurance and pension framework for future generations, embodying a unified commitment to social security and economic resilience.