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Egypt’s public treasury to settle EGP 45T for NOSI until 2068

Egypt’s public treasury to settle EGP 45T for NOSI until 2068

Arab Finance: The state’s public treasury will pay around EGP 45 trillion for the National Organization for Social Insurance (NOSI) for 50 years until 2068, Egyptian Minister of Finance Mohamed Maait announced on September 28th.

The treasury has already transferred more than EGP 558 billion to pension funds for 39 months since 2019, Maait added.

Moreover, the public treasury is set to settle about EGP 191 billion in the current fiscal year as the annual growth rate of the entanglement dissolution installment was amended to 5.9%, instead of 5.7%, he said.

The value of pensions, of which 10.5 million citizens benefit from, grew by around 70% during the period from 2018 until 2022, he noted.

Maait also said that that the unified law for social insurance and pensions will solve problems that accumulated for more than 50 years.

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