{"id":596820,"date":"2019-07-09T04:28:26","date_gmt":"2019-07-09T04:28:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/draft-pensions-act-sets-social-security-rates-for-egypts-public-and-private-sector-employees\/"},"modified":"2019-07-09T04:28:26","modified_gmt":"2019-07-09T04:28:26","slug":"draft-pensions-act-sets-social-security-rates-for-egypts-public-and-private-sector-employees","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/draft-pensions-act-sets-social-security-rates-for-egypts-public-and-private-sector-employees\/","title":{"rendered":"Draft Pensions Act sets social security rates for Egypt\u2019s public and private sector employees"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <b>LEGISLATION WATCH- Employees will see 21% of their salaries go towards their pensions under the draft Social Security and Pensions Act:<\/b> The House Manpower Committee has approved a number of articles in the new Social Security and Pensions Act that would see public and private sector workers pay 21% of their monthly salaries into a newly-established pension fund, sources told Enterprise. Under the draft law, employees would contribute 9% of their salaries and the employer would be required to put up the remaining 12%. The salary percentage would increase by 1% once every seven years until it hits 26%. The increases would be split down the middle between the employee and the employer, with each seeing their contribution rise by 0.5% every seven years.<\/p>\n<p><b>This should increase the amount collected by the pension fund: <\/b>The changes would replace the current cap on deductions with a fixed rate applied to all salaries, regardless of their size. Under the current system, no additional pension and social insurance contributions are taken on salary amounts exceeding EGP 5,710. The government levies a 40% charge on basic salaries up to EGP 1,670, and 35% on variable salaries up to EGP 4,040. Employees currently contribute one third of this amount and employers pay the remaining two-thirds.<\/p>\n<p><b>The new fund will have to invest at least 75% of its money in government debt<\/b>, a rate that can be reduced with the approval of the ministers of social solidarity and finance. The fund would be required to diversify the remainder of its investments and would be required to regularly report on the status of these investments to the National Social Insurance Authority, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=08072019&id=037a333f-6d49-48cf-a673-3f3e9584112b\">Al Shorouk reported<\/a>. Another real estate investment fund would also be established under the draft law.<\/p>\n<p><b>The law also establishes a committee of actuarial experts<\/b> tasked with evaluating the social security system and providing advice to the Pensions Authority.<\/p>\n<p><b>Separately, the House general assembly approved three bills to amend a law regulating the Bar Association yesterday<\/b>, <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2019\/7\/8\/1597869\/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D8%AD%D8%A7%D9%85%D8%A7%D8%A9-%D9%88%D9%8A%D8%AD%D9%8A%D9%84%D9%87-%D9%84%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9?sectionListing#sectionListing\">reports Masrawy<\/a>. The proposed changes would provide attorneys a higher degree of protection in court, aim to increase the association\u2019s revenues, and set up an academy to train fresh law graduates. The bills are now with the Council of State (Maglis El Dawla) for review before making their way back to parliament for a final vote.<\/p>\n<p><em>Correction: 09\/07\/2019.<\/em><\/p>\n<p><em>A previous version of this article incorrectly stated that a 35% charge is levied on salaries between EGP 1,670 and EGP 5,710.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- Employees will see 21% of their salaries go towards their pensions under the draft Social Security and Pensions Act: The House Manpower Committee has approved a number of articles in the new Social Security and Pensions Act that would see public and private sector workers pay 21% of their monthly salaries into a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":596821,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,11156,190,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-pensions-act","tag-social-welfare","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0b23dc63-bf8d-4eb2-baf2-ba12341e7598","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/2088.jpg","photo_position":"above","related_issue":[596815],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The assembly is set to cast its final vote on the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596304,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/el-sisi-ratifies-egypts-new-social-security-and-pensions-act\/","url_meta":{"origin":596820,"position":1},"title":"El Sisi ratifies Egypt\u2019s new Social Security and Pensions Act","author":"enterpriseam admin","date":"25 August 2019","format":false,"excerpt":"LEGISLATION WATCH- El Sisi ratifies Social Security and Pensions Act: President Abdel Fattah El Sisi has ratified the new Social Security and Pensions Act, Ahram Online reported. The new law, which was passed by parliament last month, will see 21% of public and private sector workers\u2019 salaries going towards a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601650,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/06\/draft-pensions-act-to-make-it-to-egypts-house-march-end\/","url_meta":{"origin":596820,"position":2},"title":"Draft Pensions Act to make it to Egypt\u2019s House March-end","author":"enterpriseam admin","date":"6 March 2019","format":false,"excerpt":"LEGISLATION WATCH- Gov\u2019t to establish independent body to supervise pensions: The government is planning to do away with a provision in the draft Social Security and Pensions Act that would set up an authority directed by the social solidarity and finance ministries to manage the state\u2019s pension and social insurance\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603410,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/22\/govt-expects-egypts-new-social-security-and-pensions-act-to-take-effect-in-july\/","url_meta":{"origin":596820,"position":3},"title":"Gov\u2019t expects Egypt\u2019s new Social Security and Pensions Act to take effect in July","author":"enterpriseam admin","date":"22 April 2019","format":false,"excerpt":"LEGISLATION WATCH- Gov\u2019t expects Social Security and Pensions Act to take effect in July: The Social Solidarity Ministry is expecting the proposed Social Security and Pensions Act to become law by no later than July, spokesman Mohamed El Okabi said. The ministry is planning to present the final draft to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623065,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/21\/social-solidarity-ministry-to-present-new-social-security-and-pensions-act-to-cabinet-soon-as-finmin-drafts-law-to-give-financial-inspectors-powers-of-arrest\/","url_meta":{"origin":596820,"position":4},"title":"Social Solidarity Ministry to present new Social Security and Pensions Act to cabinet soon, as FinMin drafts law to give financial inspectors powers of arrest","author":"enterpriseam admin","date":"21 October 2018","format":false,"excerpt":"LEGISLATION WATCH- The Social Solidarity Ministry is expecting to present a draft of the new Social Security and Pensions Act to the Madbouly Cabinet as soon as ministry officials complete their final review of the bill, Deputy Minister Nevine El Qabbag told Al Shorouk. Under the new law, pensions (which\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597361,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/pensioners-union-lobbying-el-sisi-to-reject-pensions-act\/","url_meta":{"origin":596820,"position":5},"title":"Pensioners Union lobbying El Sisi to reject Pensions Act","author":"enterpriseam admin","date":"24 July 2019","format":false,"excerpt":"LEGISLATION WATCH- Pensioners Union lobbying El Sisi to reject Pensions Act: The Pensioners Union has agreed to send an official memo to President Abdel Fattah El Sisi urging him against ratifying the Social Insurance and Pensions Act, which the union claims include unconstitutional articles, a union official told the local\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=596820"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596820\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596821"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596820"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596820"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}