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Egypt pays EGP 160.5bn to National Organization for Social Insurance

Egypt pays EGP 160.5bn to National Organization for Social Insurance
The state treasury will also incur the 14% annual pension raise starting from 1 July

Cairo – Mubasher: Egypt’s public treasury has paid a total of EGP 160.5 billion in the first instalment of its obligations to the National Organization for Social Insurance (NOSI) during fiscal year 2019/2020.

In addition, the state treasury will incur a total of EGP 35 billion to cover the inclusion of the five overdue bonuses, as part of the second instalment of its obligations to NOSI, which stand at EGP 170 billion, the finance minister Mohamed Maait said in a statement on Wednesday.

Adding the five overdue bonuses to pensions will cost the country an annual amount of EGP 8 billion, Maait added. 

The second instalment of the finance ministry's obligations to NOSI also includes the 14% annual pension raise effective as of 1 July.