EGP 288 billion have been paid for the National Authority for Insurance and Pensions during 21 months

• EGP 180 billion to be transferred from the new budget to the National Authority of Insurance and Pensions
• By the end of next June, total amount paid for the National Authority of Insurance and Pensions will reach EGP 333.5 billion and EGP 510.5 billion by the end of June 2022

 

In implementation of the presidential directions of President Abdulfattah Elsisi, to settle financial entanglements with the National Authority of Insurance and Pensions, the State Public Treasury paid EGP 288 billion during 21 months since signing an agreement with the Ministry of Social Solidarity to pay the due amounts delayed for about half a century.  This was in light of the Social Insurance and Pensions Law no. 148/2019 that provides cash flow necessary for pensioners, pension eligible persons, and the insured ones;  along with fulfilling all their commitments”, Dr Maait assured.

 

“We continue paying financial dues for the National Authority of Insurance and Pensions, as agreed upon to settle entanglements during the coming years", says Dr. Maait.  He noted that EGP 180 billion is expected to be transferred from the State Public Treasury during this fiscal year; therefore, paying EGP. 333.5 billion by the end of June 2021 and EGP 510.5 billion by the end of June 2022 for the National Authority for Insurance and Pensions, the minister added.

 

Dr. Mohamed Maait clarified that the annual installment percentage of entanglements have been adjusted to be 5.9% instead of 5.7% to accommodate the procedures accomplished by the State to improve the pensioners’ life through adding the "five allowances".  EGP 1.363 billion  is the amount expected to be paid for the National Authority of Insurance and Pensions during seven years, since the beginning of July 2019.

 

The State Public Treasury will pay about EGP 45 trillion for the National Authority of Insurance and Pensions over fifty year, which is the period decided for settling entanglements since 2019.