Egypt's Pensions to Increase by 15% From July 1st
The annual cost of the increase is estimated at EGP 70 billion, with payments beginning in July.
Pensions in Egypt will increase by 15% from Tuesday, July 1st, benefiting around 11.5 million pensioners and beneficiaries.
The increase applies to pensions covered under the Social Insurance and Pensions Law, as well as exceptional pensions and bonuses granted under Law No. 71 of 1964.
It also covers partial disability pensions resulting from workplace injuries that did not lead to the termination of employment, in addition to exceptional partial work-injury pensions.
According to the National Organization for Social Insurance, the annual cost of the increase is estimated at around EGP 70 billion (USD 1.4 billion). The maximum increase per beneficiary will reach EGP 2,505.
The organisation said it is completing the necessary procedures to ensure the revised pension payments are disbursed from the beginning of July.
Beneficiaries will be able to receive their pensions through banks, post offices, automated teller machines and electronic wallets.
