The state is working to support the owners annuities With many important decisions, whether executive or legislative, through laws issued in favor of this category, the latest of which was Law No. 148 of 2019, which preserved the right of pensioners and the insured by establishing a special fund, provided that the government pays the debts it owes in favor of this fund within a period specified by law.
And it states The new pension law In its fifth article, it states that an insurance fund will be established, and a special account will be allocated for each of the aforementioned types of insurance in this fund, aimed at fulfilling the obligations of the state towards pensioners, which is a new support provided by the state to that category since 2019, when the law was issued.
obligations in favor of pensioners
The new pension law obligated the state’s public treasury to fulfill the annual installments due to the National Authority for Social Insurance, which were determined by the settlement agreement signed between the Ministry of Finance and the Ministry of Solidarity in 2019.
Over the recent years, since the issuance of The new pension lawThe state’s public treasury is obligated to pay the installments due in favor of the Pension Fund, and this is accounted for in the state’s general budget.
The law stipulates that the public treasury is obligated to pay an annual premium to the Social Insurance and Pensions Authority, at the rate of 160.5 billion pounds, to be increased by 5.7% compounded annually.
In this context, the new budget 2023/2024, which is scheduled to be presented to the House of Representatives in the coming days for discussion and approval, has determined the dues that will be paid to pension funds from the state’s public treasury.
The new budget provides for the allocation of EGP 202 billion in contributions pension funds 6% annual growth rate; To ensure the provision of the necessary financial liquidity to serve the pensioners, their beneficiaries and the insured, and to fulfill all obligations towards them.
Where does the pension fund go?
Where does that money go?.. Some may wonder about the ways of disbursing those funds allocated to the pension fund, but the law has determined the ways of disbursing them and the duties that the fund performs.
The Social Insurance Fund shall bear the following:
– The obligations of the public treasury in pensions due until 2019.
– Contribution to the public treasury for irregular employment groups.
– The sums deposited to the account of the two social insurance funds at the National Investment Bank on the date the provisions of this law came into effect (i.e. in 2019).
– Amounts of bonds issued by the Ministry of Finance to the two social insurance funds before the date of implementation of the provisions of this law (i.e. before 2019).
– The entire indebtedness owed by the public treasury to the two Social Insurance Funds prior to the effective date of the provisions of this law (i.e. before 2019).
– The actuarial deficit in the current social insurance system on the date this law came into effect (i.e. in 2019).
The state is committed to the entitlements of pensioners
And an amount of 160.5 billion pounds was paid from the budget for the fiscal year 2019/2020, and an amount of 170 billion pounds was paid in the budget for the fiscal year 2020/2021, and an amount of 180 billion pounds was paid from its budget for the fiscal year 2021/2022, with the allocation of about 190.5 billion pounds in the budget. General 2022/2023.
This year, an amount of 202 billion pounds will be paid, with an increase of 6%, in favor of pensions, in the new budget, which will be applied next July, after it is approved by Parliament before the adjournment of the third session.
The state supports pensioners
The state provided support to improve living conditions, amid parliamentary demands to double it, to counter the high prices, after it increased pensions by 15%, and before that it issued an exceptional grant of 300 pounds, and the same was spent on ration cards for those who earn less than 2500 pounds.
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