Minister of Finance Dr. Youssef Boutros Ghali has announced the completion of a draft new law for social insurances and pensions including a number of social insurance systems that accommodates all sectors of society saying the new law will be submitted to the Shura and People’s Assembly in its new session for its application in the forthcoming three months of next year.

Dr. Ghali added that the new law includes the setting up of compulsory insurance funds and voluntary funds including defined rules for monitoring through the setting up of a singly monitoring system for the supervision of pension funds throughout the country.

Ghali reiterated that the new law includes simplification of procedures for pensioners including raising the ceiling of pensions at the same time that there is a reduction on insurance installments while working to give a bigger chance for the upgrading of the funds.  The current law is operable until the end of the valid installment period paid up by the member.

(source: Al-Akhbar)