The first quarter of the new fiscal year will witness the completion of a new law aimed at developing the pension system organized by the ministerial pension committee and which includes the ministers of investment and finance.  Under the chairmanship of advisor to the minister Hesham Tewfiq, the committee will draw a number of directives that will focus on the interests of workers and syndicates prior to the issuance of the final version of the law.

Minister of Finance Dr. Youssef Boutros Ghali has announced that the ministerial committee will focus on systematic pension hikes adopted by the new pension system without burdening the state budget, simultaneously establishing a stable pension system, and giving it an opportunity to focus on more pressing needs by the state in the fields of education and health.

The Minister reiterated that the law description will focus on the formation of a higher pension committee that includes the ministers of finance, investment, social solidarity and manpower, in addition to the investment authority and insurance supervision.  The committee will be charged with the legislation and passing of rules and regulations and will monitor the supervisory board.  The committee will issue its directives as an entity independent of the Ministry of Finance..

Dr. Ghali said that the new regulations will take into account the society as a whole and will be based on justice and harmony.  The minister noted that the current system on pensions is obsolete and will incapacitate the state in rendering it unable to bear the huge difference between memberships and pensions.

(source : Ministry of Finance)