“News is like honey, I swear.”.. an increase of 1,300 pounds for pensioners in the new labor law

Many Egyptian citizens, specifically those who have reached retirement age and left their jobs, are inquiring about the reality of there being an increase of 1,300 pounds for pensioners, as there were statements by the Egyptian government’s Social Insurance Institution about the beginning of adding a new increase for pensioners for all individuals whose service period ends with the start of the new year. 2024, so that the value of the pension after the increase will reach 1,300 Egyptian pounds after it was 1,105 pounds. This change came in light of the state’s tireless efforts to provide a helping hand to limited-income pensioners in the face of difficult living conditions and the wave of high prices that is hitting the country for various food commodities and services. necessary.

An increase of 1,300 pounds for pensioners

The National Social Insurance Authority, headed by Major General Gamal Awad, took the decision to increase the salaries of pensioners, starting from the first of January 2024 AD, and this decision was as follows:

• The minimum wage for pensioners in the Arab Republic of Egypt has already been raised to 1,300 Egyptian pounds instead of the previous value of 1,105 Egyptian pounds.
• Increasing the maximum value of pensions to 10,080 Egyptian pounds instead of the previous salaries, which amounted to 8,720 Egyptian pounds.
• It was also indicated by the Chairman of the Board of Directors of the National Social Insurance Authority, Gamal Awad, that there was also an additional increase in the value of the minimum insurance subscription salary to reach 2,000 Egyptian pounds instead of its previous value, which was 1,700 Egyptian pounds.
• The increase also included the maximum insurance subscription salary, making it 12,600 Egyptian pounds instead of the previous value, which was 10,900 Egyptian pounds.

Pensioners in the new labor law

The new law for pensioners is as follows:

• Gamal Awad, Chairman of the Social Insurance Authority, indicated that the decision that was taken regarding increasing the value of both the minimum and maximum insurance contribution salary comes based on Labor Law No. 148 of 2019 AD.
• The aforementioned law included a mechanism for an annual increase for pensioners in the value of the minimum and maximum limits.
• It is worth noting that the goal of these additions to the value of pensioners’ salaries lies in correcting and developing the social insurance system and adjusting the value of pensions for the better after the end of the period of service and entitlement to the pension.