Egypt is considering raising state pensions by 30 per cent and removing the upper limit of LE100 per month, with the public treasury bearing the LE2.8 billion of additional annual costs.
A statement from the Ministry of Finance on Tuesday said it was studying these reforms and called them a move towards equality. A 2008 report recommended the government raise the basic pension by 20 per cent but it has never been acted upon.
Finance Minister Samir Radwan said the proposals are essential to the interests of pensioners and their beneficiaries. The finance ministry is preparing a law to be presented for approval to the cabinet and the Supreme Council of the Armed Forces, he added.