The House of Representatives approved on Tuesday a draft law to increase pensions by 15 percent, with a minimum of LE150 and a maximum of LE551, at a cost of LE21.3 billion to be borne by the State Treasury in full.
The Minister of Social Solidarity Ghada Wali said that the increase approved Tuesday in the House of Representatives will benefit about 9.4 million citizens entitled to pensions.
Wali also explained that the pension increase law is biased towards those who receive low pensions.
The LE500 pension will increase by 30 percent, benefiting about 2 million pensioners who represent 21 percent of the total pensioners.
The LE600 pension will increase by 25 percent, benefiting about 1 million pensioners who represent 10 percent of the total number of pensioners.
The LE750 pension will increase by 20 percent, benefiting about 400,000 pensioners who represent 4 percent of the total number of pensioners.
Pensions between LE1,000 and above will increase by 15 percent, benefiting about 6 million pensioners who represent 65 percent of the total number of pensioners.
The total of all pensions will stand at LE155 billion annually after the new bill is approved.
Edited translation from Al-Masry Al-Youm