Hikes in retirement pensions to be enforced as from next week, says Algeria's Minister

The Minister for labour, employment and social security Tayeb Louh has announced that 1 million and 50 thousand retired workers will benefit from hikes in their monthly pensions in line with a new government’s decision.

• He said that the hikes in these pensions would come into force as early as next week.
• He said that the pensions’ hike decision would have a retroactive effect as from May 1st 2008  in consistence with the law n° 83-12 pertaining to retirement.
• Tayeb Louh  said that the 5 percent hike in the retirement pensions would be transferred to the retired people’s bank and postal accounts, starting from September 10th 2008.
• The Minister indicated that the overral  financial package earmarked by the government to this effect was set at 4 billion and 358 million dinars.