Egypt's Sisi approves 14% pension raise

Egypt allocated billions for the National Organization for Social Insurance in FY20/21

  
Image used for illustrative purpose. Egypt's President Abdel Fattah Al Sisi arrives ahead of the start of the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 24, 2019.

Image used for illustrative purpose. Egypt's President Abdel Fattah Al Sisi arrives ahead of the start of the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 24, 2019.

REUTERS/Lucas Jackson

Cairo: The Egyptian President Abdel Fattah El-Sisi issued a decree, approving a 14% raise in pensions effective as of 1 July, the Middle East News Agency (MENA) reported late on Tuesday.

The country’s public budget for fiscal year 2020/2021 allocated EGP 170 billion for the National Organization for Social Insurance (NOSI) to pay the second annual instalment of the state treasury’s obligations.

Source: Mubasher

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