New year, higher pension payouts: The base wage used to calculate national ins. contributions for public and private sector workers will be raised to a minimum of EGP 2k and a maximum of 12.6k EGP as of 1 January 2024, according to a statement from the National Social Ins. Authority. The hike comes in line with a plan laid out in the 2019 Pension Act to gradually increase national pensions by an average of 15% every year until 2027.

New pensioners will also get a raise: The government will increase the minimum pension payout for civil servants who will go into retirement starting next year to EGP 1.3k from the current EGP 1.1k. It is also raising the pension ceiling by 16% to EGP 10.1k.

SOUND SMART- According to the Pension Act, private sector employees pay 11% of their subscription wage as a national ins. contribution, while the employer pays an additional 18.75% for each employee.

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