The Labour Force Committee within the House of Representatives has, in collaboration with the ministers of finance and social solidarity, decided to set the minimum pension increase at EGP 125, state media reported on Wednesday.
The labour law stipulates that the annual pension increase should be set at 10%, and the decision made by the parliament and the ministries sets the minimum annual increase at EGP 125.
They have also agreed to cap pension increases at EGP 323.
Member of parliament and head of the Social Solidarity Committee Abdel Hady El-Qassaby told state media that this increase will reportedly call for an additional EGP 2bn increase in the state budget.
The annual pension increase was formerly set at EGP 75.
The bill had been on the table for months, with Minister of Social Solidarity Ghada Waly proposing to set both a minimum pension and annual increase, as well as raising meagre pensions to EGP 500.
The bill is expected to move to parliament for a final vote during a general session.
