Written by Medhat Wahba Sunday, December 17, 2023 11:59 AM
Major General Gamal Awad, Chairman of the Board of Directors of the National Social Insurance Authority, announced that as of January 1, 2024, the minimum pension will be raised to 1,300 pounds instead of 1,105, while the maximum pension will reach 10,080 pounds instead of 8,720.
In a related context, Awad indicated that the minimum insurance subscription wage was raised to be 2,000 pounds instead of 1,700 pounds, and the maximum insurance subscription wage was raised to be 12,600 pounds instead of 10,900 pounds, stressing that the decision to raise the minimum and maximum limits of the insurance subscription wage came in implementation of the law. No. 148 of 2019, which included an annual mechanism to increase these two limits, within the framework of implementing the axes of reform of the social insurance system with the aim of improving the value of the insured’s pensions upon the end of their service and entitlement to the pension.
Awad added that there is no conflict between the minimum insurance subscription wage and the decision to set the minimum wage at 3,500 pounds, as this minimum includes, in addition to the cash wage, the in-kind benefits that may be paid to the worker by his employer, while the insurance subscription wage is limited to the elements of the cash wage. Without anything else, the difference in this regard is justified.
The Chairman of the Authority indicated that, to facilitate business owners and companies with workers of more than 100 insured persons, they can submit wage adjustment forms on an electronic medium (CD-Flash Memory) containing the insurance numbers of the insured and wage adjustments to their affiliated insurance offices.
2023-12-17 09:59:00
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