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Egypt's Cabinet raises pensions, moves to protect investors

Prime Minister Hisham Qandil says the government will advance social justice and improve the investment climate at the same time

Ahram Online, Wednesday 30 Jan 2013
Egypt
Egypt's Prime Minister Hisham Qandil (Photo: Reuters)
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Egyptian Prime Minister Hisham Qandil announced Wednesday a series of government measures aimed at promoting social justice and creating an attractive environment in the country for investors.

"The Cabinet issued a decision to increase public sector pension rates to 20 per cent, instead of 15 per cent, the rate that was ratified in 2005. It is expected that all citizens who have reached pension age, starting in the year 2005, will benefit from this decision, which is almost three million citizens. The decision will be implemented retroactively," Qandil said on his official Facebook page.

A High Constitutional Court verdict ruled in 2005 that a decision to impose a pension ceiling was unconstitutional.

"The decisions have been previously announced on several occasions. In itself it is a positive step; however, we hope it will be implemented this time. Nonetheless, the government has to understand that social justice requires much deeper measures," Wael Gamal, a senior business reporter and author, told Ahram Online.

Dispute settlement measures have also been announced to end long-standing financial disputes between the government and foreign investors, removing administrative obstacles that deter foreign direct investment (FDI) while protecting the state's financial dues, Qandil explained.

The Cabinet will also allocate almost 4000 acres of land to the Ministry of Agriculture and the Ministry of Foreign Trade to launch a new industrial zone in the area of Abu Zanima in North Sinai.

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