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Sunday, 25 August 2019

El Sisi ratifies Egypt’s new Social Security and Pensions Act

LEGISLATION WATCH- El Sisi ratifies Social Security and Pensions Act: President Abdel Fattah El Sisi has ratified the new Social Security and Pensions Act, Ahram Online reported. The new law, which was passed by parliament last month, will see 21% of public and private sector workers’ salaries going towards a newly-established pension fund. The percentage taken out of employee salaries will increase 1% every seven years until it hits 26%. The law will also require the fund to provide quarterly and annual financial reports to the presidency, cabinet, and parliament for transparency purposes.

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