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Wednesday, 19 July 2017

Council of State begins reviewing Social Welfare Act

New social welfare act under review, looks set to hit the House by early fall: The Council of State (Maglis Al Dawla) has begun its review of the Social Welfare Act in coordination with the Social Solidarity Ministry, a judicial source tells Al Borsa. The council expects to complete its review and send its comments on the bill to the Ismail cabinet for approval by the end of August, before it is sent to the House of Representatives for a vote. If the act were to pass, the Social Solidarity Ministry would establish a new pension fund and set its own investment strategy, Minister Ghada Wali said last month. The law will also index annual pensions increases to inflation and set a minimum pension rate. A World Bank delegation visiting Cairo last month has reviewed the draft bill.

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