Egypt to raise minimum pensions by 17.6% on 1 January

Ahram Online , Sunday 17 Dec 2023

Egypt is set to increase the minimum pension by 17.64 percent as of 1 January 2024, Head of the National Organization for Social Insurance (NOSI) Gamal Awad announced in a statement on Sunday.

File Photo: Egyptians line up infront of an ATM machine in Cairo, Egypt (Photo: AP)
File Photo: Egyptians line up infront of an ATM machine in Cairo, Egypt (Photo: AP)

 

Accordingly, the minimum pension will increase to EGP 1,300 from EGP 1,105.

NOSI will also raise the maximum pension to EGP 10,080 from EGP 8,720 effective 1 January.

Egypt is taking various steps to mitigate the impact of the rising cost of living on vulnerable citizens. The country’s annual headline inflation reached 36.4 percent in November, which was the smallest increase in six months.

In October, the National Wages Council (NWC) approved raising the minimum wage for private sector employees from EGP 3,000 to EGP 3,500, effective 1 January 2024, according to a Cabinet statement on Friday.

In September, President Abdel-Fattah El-Sisi announced a series of measures to alleviate financial strains on citizens, including raising the minimum wage for public sector employees from EGP 3,500 to EGP 4,000 and increasing the exceptional cost of living allowance to EGP 600.

That is the second increase of its kind in 2023 after El-Sisi raised the minimum wage for public employees by 15 percent in March.

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