Algeria News & Events, Latest News for Algeria

Update: Saturday, 15 May 2010    

Retired allowances and pensions rise is pending

It urged both Labour Minister and Retired unions’ directors to meet
Monday Jul 16 2007.

The meeting that joined Labour Minister with directors of Retired National Association and Secretary General of Trade Unions ended yesterday without reaching a final compromise in terms of retired annual allowances

and pensions though the 43rd article of retirement law states “retired allowances and pensions shall be raised within the beginning of May of each year.”

The conferees have agreed “to carry out negotiations” about the file which is eagerly waited for by 1.6 million retired people. Sources followed the debate session between the Minister, Secretary General of the Retired Association and Retired National fund Board of Directors head, said that the Minister “has left the doors opened” to find a solution for the issue. The same sources alluded that there would be a solution after the summer break.

Meanwhile, sources in relation to the file said that the hypothesis saying that there is a lack of money in the retirement fund to cover wages increase fees "is ill-founded", because retirement fund revenues that come from contributions should have been increased during 2007 by virtue of wage raising that the government ordered. The same sources has predicted that that wage increase would allow to the retirement fund realising no less than 8 Billions DA as financial surplus during 2007.

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