Egypt Pension hikes surpass inflation
The Egyptian government announced a 15% increase in pensions starting from next July, benefiting approximately 11.5 million retirees and beneficiaries at an annual cost of around 70 billion Egyptian pounds (1.41 billion USD). This increase comes as part of the Social Insurance Law, aimed at improving the income levels of pensioners and strengthening social safety nets. The rise will be implemented in a manner consistent with the expected inflation rate for the upcoming fiscal year, estimated at about 9.5%. Pensions will be disbursed through multiple channels to facilitate access. This marks the fifth consecutive increase at the maximum allowable limit set by law.
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