Millions of Egyptians Anticipate New Pensions with 15% Increase

Millions of Egyptians, numbering 11 million, are eagerly awaiting the payment of new pensions, which will begin on September 1 with a 15% increase.

Retirees to Receive September 2023 Wages on September 1

Retirees will start paying wages for September 2023 on Friday, September 1st in order for Social Security to clarify the possibility of pension payments for about 11 million pensioners and pension recipients through ATMs (ATMs) and Fawry stores, and exchange is also possible from e-wallets for mobile phones.

Law on Pensions and Social Security

Article 35 of the Law on Pensions and Social Security provides as follows: “Pensions paid on June 30 of each year, starting from July 1, increase in accordance with the rate of inflation, but not more than 15%.

Pension Increase Paid Ahead of Schedule

And the National Social Security and Pensions Authority said that in April 2023, that is, 5 months ago, by decision of the President, pensions were increased by 15% and paid a minimum of 170 pounds and a maximum of 1635 pounds, 3 months before the actual date of payment, as provided by law, indicating that the pension increase for 2023 was paid ahead of schedule.

Exceptional Monthly Grant for Pensioners

And the National Social Insurance Authority has confirmed that President Abdel Fattah El-Sisi has decided to pay pensioners and their beneficiaries an exceptional monthly grant of £300, which was spent with the November 2022 pension, at an annual cost of £32 billion pounds.

Source: at home