Annual pensions will increase as of July 1st in accordance with a presidential decree.

Chief of the Pensions Authority and First Undersecretary for Government Pension Funds Ahmed Salem has made the...

Annual pensions will increase as of July 1st in accordance with a presidential decree.   Chief of the Pensions Authority and First Undersecretary for Government Pension Funds Ahmed Salem has made the announcement saying that the minimum increase in pensions will be ten pounds and will be set at a maximum of sixty pounds.  Mr. Salem explained that the Social Insurance Fund will bear the difference. The Undersecretary said the pensions have soared to over 138 billion pounds up till end 2005 saying those investments are distributed in various sectors the majority of which are at the National investment Bank at 89.3% of the total investments or approximately 13 billion pounds. Mr. Salem said that government bonds in Egyptian pounds and treasury bills come in third place.  (source: Al-Aalam Elyoum)