Egypt - The new social insurance and pension law in Egypt allows the investment of not less than 75% of the surplus of the pension fund annually into treasury bills and bonds to protect and save money for pension holders, according to an official statement by the Ministry of Finance on September 29th.
The statement noted that most countries in the world are investing the surplus of pension funds annually in T-bills and T-bonds as safe investments.
The United Estates invests more than 90% of the surplus of social insurance in T-bills and T-bonds, the statement added.
The MoF’s Media Center maintained that the state’s public treasury is obliged to pay due annual installments to the National Organization for Social Insurance (NOSI).
As for the GDP, the MoF’s Media Center noted that the estimated gross domestic product (GDP) for fiscal year (FY) 2021/2022 stands at EGP 7.941 trillion, compared to EGP 2.709 trillion in FY 2015/2016, representing a triple-fold hike.
On September 28th, Egyptian Minister of Finance Mohamed Maait announced that the state’s public treasury will pay around EGP 45 trillion for the NOSI for 50 years until 2068.
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