During the past few hours, the seventh day published a set of important news, on top of which was Major General Gamal Awad, head of the National Social Insurance Authority, that the minimum wage for subscription to the social insurance system is 1,200 pounds during the current year, with an increase in this limit by 15% annually to reach 2,300 pounds. In the year 2025, this is reflected positively on the pension values due to the system participants.
This came during his meeting with members of the American Chamber of Commerce and in the presence of Imad Nasr, head of the Chamber’s Human Resources Committee, and representatives of American companies and multinationals operating in Egypt. And which is related to the work of the authority, and he stressed his continuous follow-up to any obstacle they may face.
Awad stressed that the authority is sparing no effort in developing the current work system, and that the digital transformation process that will be available from 1/7/2023 is underway, in a manner that facilitates all procedures for all dealers with the social insurance system, and in a manner that contributes to providing all insurance services in every way. Ease and ease, pointing out that the state has put in mind all the problems facing the social insurance system not from today but from 2014, and many solutions have been developed for all the problems facing all dealers with the insurance system, whether it is an employer or insured and owners Pensions and beneficiaries, whereby the contribution rates were reduced by Law 148 from 40% to 28.75%, without any impact on the pension values for any worker. Rather, the state directed to establish a special fund for the investments of insurance funds based on scientific methods, in order to reach the best possible returns, which are reflected positively. on pension values.
Awad added, that what is new in the law is that the irregular worker pays his share only, provided that the state bears the share of the employer, giving an example of this: “If the person who is insured pays 9% of the insurance contribution, and his minimum wage is 1200 EGP per month, he will pay 108 pounds, and the state’s public treasury contributes 144 pounds, equivalent to the employer’s share, and in return it will be insured against the risks of old age, disability and death, and he is entitled to a pension when one of the conditions of pension entitlement is met with a minimum of 900 pounds, and this minimum is not fixed but increases Annually… The following is a summary of Egypt’s news of the most important news.
President El-Sisi to the people of Aswan: Rest assured, the country will never abandon you
President Abdel-Fattah El-Sisi visited the village of West Aswan affected by the floods, and spoke to the youth of the initiative for a decent life in Aswan. He also met with the citizens, listened to them and reassured them, saying: “Reassure the country, it will not leave you, and this is the role of the country, and this is your right. All the villages of Egypt are not just west of Aswan.
He continued, “All the villages of Egypt, we have put together a plan that we will solve all of them in 3 years. We will control the drinking water and sanitation, and Dr. Mostafa Madbouly, the Prime Minister, directed the annexation of the villages of West Aswan to the initiative to develop the villages.”
This morning, Thursday morning, President Abdel-Fattah El-Sisi visited the house of a citizen in Aswan Governorate. Your Excellency, and the husband continued, “You are good for all of us, by God, from the first day, and he told President Sisi the state of his house.
Water cut off from Dokki, Agouza and Boulaq El Dakrour for 4 hours.. Know the details
The Giza Drinking Water and Sanitation Company announced that water would be cut off from the areas of the following neighborhoods (Dokki district – Agouza district – Boulaq El-Dakrour district) starting from twelve o’clock at night on Friday, corresponding to 26/11/2021 until four o’clock in the morning on Saturday, corresponding to 27/11 2021, for a period of 4 hours.
The company attributed the reason for the interruption to the maintenance work that is carried out at the Giza water station, which requires stopping the station to change the winding diameter of 600 mm, and the company calls on citizens and owners of bakeries and hospitals to manage their water needs during that period.
The company provides safe drinking water vehicles located in the affected areas. If requested, please call the hotline 125 from the landline.
A collective rise in the stock indices at the end of the week… and 7.6 billion pounds in market gains
The Egyptian Stock Exchange ended the trading of Thursday’s session, the end of the week’s sessions, with a collective rise of indices driven by Arab and foreign purchases, and the market capitalization gained 7.6 billion pounds at the level of 721.703 billion pounds.
The “EGX30” index rose by 0.69%, to close at the level of 11,431 points, and the “EGX50” index rose by 2.01% to close at the level of 1973 points, and the “EGX30” index of specific weights jumped by 1.25% to close at the level of 13526 points. And the “EGX30” total return index increased by 0.73% to close at 4,480 points.
The index of small and medium-sized companies “EGX 70 of equal weights” rose by 2.51% to close at 2082 points, and the “EGX 100 index of equal weights” rose by 2.28% to close at the level of 3059 points.