MEMPHIS REISEN

Egypt’s general treasury allocates over EGP 818bn to Social Insurance Authority in 55 months – Dailynewsegypt

Finance Minister Mohamed Maait announced that following President Abdel Fattah Al-Sisi’s directives, the government has upheld its commitment to the financial resolution agreement with the National Social Insurance Authority. This is despite the budgetary constraints exacerbated by global crises and geopolitical tensions.

On Sunday, the Ministry of Finance revealed that since September 2019, the general treasury has disbursed over EGP 818bn to the Social Insurance Authority. This payment, spanning 55 months, addresses the accumulated dues of insurance funds over half a century, as per the Social Insurance and Pensions Law No. 148 of 2019. The law ensures the availability of funds for pensioners, beneficiaries, and insured individuals, thereby reinforcing the pension system.

Furthermore, Maait highlighted the government’s pledge to bolster the pension system with an additional EGP 202bn this fiscal year. This commitment aligns with the ongoing financial transfers mandated by the Social Insurance Law. By 2050, the general treasury is projected to have allocated a total of EGP 46.478trn to the Social Insurance Authority.