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Tuesday, 6 June 2017

Social Welfare Act to allow Social Solidarity Ministry to start a pension fund

The Social Solidarity Ministry will establish a new pension fund if the draft Social Welfare Bill were to pass. The act will allow the ministry establish a fund and set its own investment strategy, said Minister Ghada Wali. The law, which was completed in January, will also tie annual pensions increases to inflation and set a minimum pension rate, Wali added, Al Mal reports. The news comes one day after the Egyptian Union of Trade Federations said it was presenting the House of Representatives a draft social welfare bill that would government pensions for the private sector as well as the state bureaucrats.

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