|02 February, 2020

Egyptian government pays dues to pension funds

The transferred amount accounts for more than 58% of a total due

Photo used for an illustrative purpose. An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo December 31, 2013.

Photo used for an illustrative purpose. An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo December 31, 2013.

REUTERS/Stringer

Cairo – Mubasher: Total amounts transferred by Egypt’s public treasury to pension funds affiliate to the National Authority for Insurance and Pensions reached EGP 94 billion from July 2019 to January 2020, Egyptian finance ministry Mohamed Maait stated on Saturday.

The transferred amount accounts for more than 58% of a total due amount of EGP 160.5 billion, Maait added.

The total amount is scheduled to be fully paid to the authority during the fiscal year 2019/2020, the minister noted.

Maait said that he gave directives to competent officials to pay social insurance dues before the end of June 2020.

Source: Mubasher

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