Social insurance is an obligatory system enforced by governments for the protection of the working class. The system is applied by the employer whereby they deduct a percentage of the employee’s salary each month and pay it to the social insurance fund.
The advantage of social insurance is that it insures citizens and their family members against old age, work related accidents, illness, or death.
The first social insurance system was implemented in Germany in 1884 after which several European countries followed. By the 1920s most European countries had some type of social insurance system in place and by 1935 the Unites States implemented its own system.
A pension system was implemented in Egypt in 1854. As time went by the system was improved upon but it was still limited to those who worked in the public sector. In 1975 the first inclusive social insurance system was implemented for both public and private sector employees.
“The advantage of social insurance is that it insures citizens and their family members against old age, work related accidents, illness, or death.
Social insurance system laws were recently changed in August 2019 with an implementation date of January 2020 as follows:
The Financial Regulatory Authority Registration Number: 105
Contact And Complaints : 01003866521
Claims : 201003916623
Email : [email protected]
If you are unsatisfied with our services, you are entitled to issue a complaint with the Egyptian Financial Regulatory Authority (FRA) in person or online through their website www.fra.gov.eg
Faydety insurance brokerage website is approved by the FRA on 01/09/2021