Egypt’s Finance Minister Mohamed Maeet asserted yesterday that Egypt managed under its wise political leadership to make a historical achievement to reform pensions and social insurance system.
The move comes as part of development efforts toward the establishment of the new republic, based on providing a decent life for all citizens, particularly the elderly, despite all global economic challenges, the minister of finance said.
Maeet was speaking during the sixth round of the Arab conference for retirement and social insurance yesterday.
“The government has worked hard to comprehensively reform pension system,” the minister said. This was crystallised in the issuance of the Social Insurance and Pensions Law 148/2019, which is regarded as a unified insurance umbrella for all categories of pensioners.
The two-day conference is held in Sharm el-Sheikh and offers a chance for probing challenges facing retirement systems in the Arab world.
The first session of the event was attended by Minister of Finance Mohamed Maeet, Minister of Social Solidarity Nevine el-Qabbag and South Sinai Governor Khaled Fouda.
Addressing the same event, Minister of Social Solidarity Nevine el-Qabbag said that the number of beneficiaries of the social insurance and pension system is 10.7 million.
The minister stressed that the government is attaching paramount importance to improving the living conditions of the pensioners, and protecting them against all forms of risks, in addition to achieving principles of equal opportunity and social justice.
She pointed out that the Ministry of Social Solidarity has adopted a package of social protection programmes and economic empowerment policies.
She referred to Takaful and Karama system, whose beneficiaries reach 5 million families.
El-Qabbag stressed the necessity of extending insurance protection to the non-covered groups, including casual labourers, workers abroad, and workers in the private sector, taking into account maximising the investment of insurance funds.
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