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Monday, 22 April 2019

Gov’t expects Egypt’s new Social Security and Pensions Act to take effect in July

LEGISLATION WATCH- Gov’t expects Social Security and Pensions Act to take effect in July: The Social Solidarity Ministry is expecting the proposed Social Security and Pensions Act to become law by no later than July, spokesman Mohamed El Okabi said. The ministry is planning to present the final draft to cabinet next month alongside the results of an actuarial study. The draft will make its way to the House of Representatives following cabinet review for a final vote ahead of being signed into law by President Abdel Fattah El Sisi.

Background: The act would peg increases in pension payouts to inflation, calculate social insurance payments on real (rather than nominal) wages, and set up a healthcare fund for pensioners. The proposed law originally contained a stipulation to establish an independent body to manage the state’s pension funds. The body would be set up under a separate draft law, government sources said last month.

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