Cairo- In line with the presidential directives intended to resolve entanglements with the Egyptian Social Solidarity Ministry, the State’s public treasury has paid LE465.4 billion to the National Authority for Social Insurance (NASI) within 33 months, affirmed Finance Minister Mohamed Maeet.
He pointed out that the total amount paid by the State’s public treasury to NASI will hit LE510.5 billion by the end of June.
The move came in light of the Social Insurance and Pensions Law No. 148 of 2019, ensuring the provision of the necessary financial liquidity to serve pensioners, their beneficiaries, and the insured, as well as fulfilling all obligations toward them, said the minister in statements Tuesday.
As many as LE190.5 billion has been allocated from the fiscal year budget “2021-2022” to NASI, noted the minister, adding that this will contribute to disbursement of the annual increase in the value of pensions by 13 percent, with a minimum of LE120 as of April 2022.
He also noted that the percentage increase in the annual premium for settling entanglements – transferred from the state’s public treasury to the benefit of the National Authority for Social Insurance – was amended to 5.9 per cent instead of 5.7 per cent to accommodate the measures taken by the State to improve the living conditions of pensioners.
The total amount paid by the State’s public treasury to the National Authority for Social Insurance during the 7 years since the signing of the agreement to resolve entanglements as of 1 July 2019 was approximately LE363 trillion, noted the minister.
The State’s public treasury will pay about LE45 trillion to the NASI over 50 years, which is the term of the agreement to resolve the entanglements, as of 2019, he concluded.
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