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Labour Force Committee preliminary approves social insurance, pension draft law - Daily News Egypt

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Labour Force Committee preliminary approves social insurance, pension draft law

The law suggests increasing retirement age to 65 years by 2040

The Labour Force Committee within the House of Representatives, headed by Gibali El-Maraghi,  preliminary approved on Tuesday, a draft law submitted by the government on social insurance and pensions.

El-Maraghi said that the committee will continue the discussion of the draft law next Sunday, Monday, and Tuesday, in preparation to be presented to the plenary session for a final vote, before the end of the current legislative term which is ending soon.

The member said that the parliament and the government considers the bill on the priorities of their legislative agenda, and that all members are concerned about the social insurance law and pensions, calling for a necessity of issuing it soon

The government has long delayed sending it to parliament due to the long-running actuarial study of the draft.

Ahmed Shahat, a representative of the ministry of social solidarity, said during the meeting of the committee, that the social insurance and new pension law provides a number of new features.

The new legislation also sets out a plan to rise the retirement age as a way to address the financial and actuarial deficit in the pension system, and to reduce the burden on the public treasury, he added.

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