The Egyptian Financial Supervisory Authority has issued a decision to approve amendments to the bylaws of the Supplementary Pension Fund for permanent Egyptian workers in the oil sector. The decision, numbered 2893 of 2026, allows the amended regulations to take effect starting July 20, 2025. This move is based on the provisions of the Unified Insurance Law No. 155 of 2024 and Law No. 10 of 2009, which regulates oversight of non-banking financial markets and instruments.
The amendments were made in accordance with the recommendations of the Committee for Examination and Study of Licensing Requests and Amendments to Basic Systems of the Authority, and following approval by the fund's Extraordinary General Assembly. The updated bylaws provide a comprehensive framework for membership rules, contribution rates, and mechanisms for calculating the insured salary and contribution shares between the member and the sponsoring entity.
Key aspects of the amended bylaws include the organization of monthly and lump-sum payments, as well as the handling of disability, death, and early retirement cases. These changes aim to align the fund's regulations with modern legislation, ensuring its financial sustainability and protecting the rights of members and subscribers in accordance with the highest standards of governance and regulatory transparency.
The decision to amend the fund's bylaws is part of the Egyptian government's efforts to enhance the social protection of workers in the oil sector. By updating the regulatory framework, the government seeks to provide a more secure and stable financial environment for workers, while also promoting the long-term viability of the fund.
The Supplementary Pension Fund for oil sector workers is registered with the Financial Supervisory Authority under number 1001. The fund's original bylaws were established to provide a supplementary pension scheme for permanent Egyptian workers in the oil sector, in addition to their basic pension benefits.
The amended regulations are expected to have a positive impact on the lives of thousands of workers in the oil sector, providing them with enhanced social protection and financial security. The changes are also likely to contribute to the overall stability and sustainability of the fund, ensuring that it can continue to provide benefits to its members for years to come.
The Financial Supervisory Authority's decision to approve the amendments reflects the government's commitment to improving the regulatory framework for social protection funds in Egypt. By promoting transparency, accountability, and good governance, the Authority aims to ensure that such funds operate efficiently and effectively, ultimately benefiting their members and the broader community.
Key points
- The amended regulations will take effect starting July 20, 2025.
- The changes aim to align the fund's regulations with modern legislation, ensuring its financial sustainability and protecting the rights of members and subscribers.
- The amendments provide a comprehensive framework for membership rules, contribution rates, and mechanisms for calculating the insured salary and contribution shares.
