{"id":596920,"date":"2019-07-11T03:58:20","date_gmt":"2019-07-11T03:58:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/"},"modified":"2019-07-11T03:58:20","modified_gmt":"2019-07-11T03:58:20","slug":"egypts-house-approves-contents-of-new-social-security-and-pensions-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/","title":{"rendered":"Egypt\u2019s House approves contents of new Social Security and Pensions Act"},"content":{"rendered":"<p><b>LEGISLATION WATCH- The House of Representatives\u2019 general assembly approved yesterday the new Social Security and Pensions Act<\/b>, which would see 21% of the monthly salary of public and private sector workers contributed into a newly-established pension fund, <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2019\/7\/10\/1599107\/%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%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D9%85%D8%B9%D8%A7%D8%B4%D8%A7%D8%AA-%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\">reports Masrawy<\/a>. The assembly is set to cast its final vote on the bill later today, House Speaker Ali Abdel Aal said, <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2019\/7\/10\/1599102\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D9%8A%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9-%D8%A5%D9%82%D8%B1%D8%A7%D8%B1-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86%D8%A7%D8%AA-%D8%A8%D8%B4%D9%83%D9%84-%D9%86%D9%87%D8%A7%D8%A6%D9%8A-%D8%BA%D8%AF-%D8%A7-#sectionListing\">according to the newspaper<\/a>. Parliament reviewed the final bill with the Council of State (Maglis El Dawla) yesterday to be able to hold the final vote before heading off for their summer recess.<\/p>\n<p><b>What does the law entail? <\/b>Under the draft law, employees would contribute 9% of their salaries and the employer would be required to put up 12% into the new fund, <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/09\/draft-pensions-act-sets-social-security-rates-for-egypts-public-and-private-sector-employees\/\">sources told us earlier this week<\/a>. 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. The law would also set up a committee of actuarial experts to evaluate the social security system and provide advice to the Pensions Authority.<\/p>\n<p><b>Separately, the House approved yesterday draft amendments that would keep the provisional stamp tax on EGX transactions unchanged at 0.15%<\/b>, <a href=\"https:\/\/almalnews.com\/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D9%82%D8%B1-%D8%AA%D8%AB%D8%A8%D9%8A%D8%AA-%D8%B6%D8%B1%D9%8A%D8%A8%D8%A9-%D8%A7%D9%84%D8%AF%D9%85%D8%BA%D8%A9-%D8%B9%D9%84%D9%89-%D8%AA%D8%B9\/\">reports Al Mal<\/a>. A final general assembly vote is still pending. The tax was scheduled to increase to 0.175% on 1 June as part of a plan to hike it annually over a three-year period, but the Finance Ministry <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/08\/finmin-calls-off-egx-stamp-tax-increase\/\">called off<\/a> the increase in a move designed to ease the financial burden on traders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- The House of Representatives\u2019 general assembly approved yesterday the new Social Security and Pensions Act, which would see 21% of the monthly salary of public and private sector workers contributed into a newly-established pension fund, reports Masrawy. The assembly is set to cast its final vote on the bill later today, House Speaker [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":596921,"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":[72,1318,180,4777,190,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fiscal-policy","tag-legislation","tag-social-security-and-pensions-act","tag-social-welfare","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"06088ff3-d86f-406a-85cd-bc2a8755f234","is_powered_by":true,"section_story_id":"be26db9f-f551-49e9-965c-c2513f9d675a","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[596908],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s House approves contents of new Social Security and Pensions Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s House approves contents of new Social Security and Pensions Act\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- The House of Representatives\u2019 general assembly approved yesterday the new Social Security and Pensions Act, which would see 21% of the monthly salary of public and private sector workers contributed into a newly-established pension fund, reports Masrawy. The assembly is set to cast its final vote on the bill later today, House Speaker [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-11T03:58:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s House approves contents of new Social Security and Pensions Act\",\"datePublished\":\"2019-07-11T03:58:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/\"},\"wordCount\":269,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"fiscal policy\",\"legislation\",\"Social Security and Pensions Act\",\"social welfare\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/egypts-house-approves-contents-of-new-social-security-and-pensions-act\/\",\"name\":\"Egypt\u2019s House approves contents of new Social Security and Pensions Act - 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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":622186,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/social-solidarity-ministry-completes-draft-social-security-and-pensions-act\/","url_meta":{"origin":596920,"position":2},"title":"Social Solidarity Ministry completes draft Social Security and Pensions Act","author":"enterpriseam admin","date":"28 November 2018","format":false,"excerpt":"The Social Solidarity Ministry has completed drafting the Social Security and Pensions Act and has referred the legislation to the Finance Ministry for actuarial studies on the legislation, Minister Ghada Wali told the House of Representatives yesterday, Al Mal reports. The actuarial studies should be complete within one month.","rel":"","context":"In &quot;Legislation + Policy&quot;","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"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":596920,"position":3},"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":603143,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/military-pensions-to-rise-15-in-fy2019-20\/","url_meta":{"origin":596920,"position":4},"title":"Military pensions to rise 15% in FY2019-20","author":"enterpriseam admin","date":"16 April 2019","format":false,"excerpt":"LEGISLATION WATCH- Military pensions to rise 15% in FY2019-20: The House Defence and National Security Committee approved yesterday draft legislation that will raise military pensions by 15%, AMAY reports. Members of the military will see a minimum raise of EGP 150 while the minimum pension will increase to EGP 900\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":603041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/14\/egypts-council-of-state-reviews-draft-law-to-increase-pensions\/","url_meta":{"origin":596920,"position":5},"title":"Egypt\u2019s Council of State reviews draft law to increase pensions","author":"enterpriseam admin","date":"14 April 2019","format":false,"excerpt":"LEGISLATION WATCH- Council of State reviews draft law to increase pensions: The Council of State (Maglis El Dawla) has completed its review of a draft to increase monthly pension payouts, Youm7 reports. It is unclear whether the pensions-related draft is the same one approved by cabinet in a meeting earlier\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\/596920","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=596920"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596920\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596921"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596920"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596920"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}