Major General Jamal Awad, Chairman of the Board of Directors of the National Authority forSocial insurance From 1 January 2023, the minimum insurance subscription wage will be increased to £1700 instead of £1400 and the maximum insurance subscription wage will be increased to £10900 instead of £9400.
Awad underlined that the decision to raise the minimum and maximum limits for the insurance contribution pay comes in implementation of the provisions of the new law on insurance and pensions promulgated by law n. 148 of 2019, which provided for an annual mechanism to increase these two limits, as part of the implementation of the reform axes of the social security system with the aim of improving the value of the pensions of the insured at the end of the service and of the right to a pension.
The head of the authority said that one of the direct effects of implementing this decision is that the minimum retirement pension, from January 2023, will be £1,105, while the maximum pension will be £8,720.
Awad added that there was no contradiction between the minimum insurance contribution wage and the decision to set the minimum wage at £3000, as the minimum insurance contribution wage is determined by the value of insurance contributions for many categories of irregular work , such as procurement, construction, construction, quarries, salt marshes, municipal bakers, fishermen and other groups, for whom it is difficult to locate an employer, as well as determine their monthly income, and therefore the law has decided their participation in the social insurance umbrella on the basis of the minimum wage for the insurance contribution.
The President of the Authority specified that to facilitate entrepreneurs and companies with more than 100 insured workers, they can submit salary adjustment forms on electronic “CD – Flash Memory” support containing the insurance numbers of the insured and salary adjustments to their offices insurance.
