CAIRO: The People’s Assembly (PA) approved a new law modifying the social insurance system on Sunday.
The new law increases the pension for employees who get early retirement to equal 80 percent of their total income.
The Ministry of Finance is in the process of finalizing a new law for people who receive regular retirement.
Minister of Finance Youssef Botrous-Ghali said that his ministry finalized a draft law for the social insurance system that would increase pensions in general to equal at least 65 to 70 percent of the last salary employers received before retirement.
The pensions can be collected at ATM machines, according to Ghali, who added that the ministry has already issued 100,000 ATM cards to retirees in different areas.
The total number of retired public sector employees is 2 million, according to Ghali.