EGP 202 Billion Allocated to Support Pension System in Egypt
The decision comes as the government aims to bolster the social insurance system amid increasing fiscal pressures.
The Egyptian government has allocated EGP 202 billion for pensions during the 2023/2024 fiscal year, a 6% increase over the previous cycle. This comes as the government aims to strengthen the social insurance system amid inflation pressures.
The government has implemented four pension hikes since April 2022, and will transfer EGP 46.5 trillion to retirement authorities by 2050, according to the Ministry of Finance. In October, the government doubled a cost-of-living grant for over 11 million retirees and beneficiaries, offering relief from economic fallout of COVID-19 and geopolitical tensions.
The Ministry of Finance is focusing on sustaining pensioners' purchasing power given Egypt's transfers of EGP 768 billion to insurance in the past 52 months. Overall, the state budget projects a 4.1% GDP growth and 6.9% deficit. It notably expands allocation for subsidies and social protection by 48.8%.
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