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Jamal Awad: 14M insured, 9.5M retirees receiving pensions
Major General Gamal Awad, President of the National Social Insurance Authority, explained that Egypt’s social insurance system is based on two contributions: one paid by the employer and the other borne by the worker, with legal guarantees to collect funds and overdue amounts, including additional penalties for each month of delay. The total number of insured individuals amounts to 14 million workers, while retirees receive pensions totaling about 9.5 million people. However, those benefiting from pensions exceed the number of beneficiaries, reaching over 11.5 million individuals. The total monthly pension payments amount to approximately 48-50 billion Egyptian pounds, with 550 billion pounds disbursed during the last fiscal year. The authority works to attract investments by ensuring the stability of the insurance system, addressing defaulters through installment plans, and striving to achieve sustainability in pension disbursements through the growth and investment of pension funds, along with legal guarantees to protect the rights of insured persons and retirees.
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