Major General Jamal Awad, Chairman of the Board of Directors of the National Authority forSocial insurance As of January 1, 2023, the minimum insurance subscription wage will be raised to 1700 pounds instead of 1400 pounds, and the maximum insurance subscription wage will be raised to 10900 pounds instead of 9400 pounds.
Awad stressed that the decision to raise the minimum and maximum limits for the insurance contribution wage comes in implementation of the provisions of the new Insurance and Pensions Law promulgated by Law No. 148 of 2019, which included an annual mechanism to increase these two limits, within the framework of implementing the axes of reforming the social insurance system with the aim of improving the value of the pensions of the insured at End of service and entitlement to pension.
The head of the authority stated that one of the direct effects of the implementation of that decision is that the minimum pension for the end-of-service person, as of January 2023, will be 1105 pounds, while the maximum pension will be 8720 pounds.
Awad added that there is no contradiction between the minimum wage for the insurance contribution and the decision to set the minimum wage at 3000 pounds, as the minimum wage for the insurance contribution is determined by the value of the insurance contributions for many categories of irregular employment, such as contracting, construction, building, quarries, saltines, municipal bakery workers, fishermen and other groups. For which it is difficult to determine an employer, as well as determine their monthly income, and then the law decided their participation in the social insurance umbrella on the basis of the minimum wage for the insurance contribution.
The Chairman of the Authority pointed out that in order to facilitate business owners and companies with more than 100 insured employees, they can submit wage adjustment forms on an electronic medium “CD – Flash Memory” containing the insurance numbers of the insured and wage adjustments to their insurance offices.