Hikes in retirement pensions to be enforced as from next week, says Algeria's Minister
Tayeb Louh, Algerian Minister for labour, employment and social security
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.
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He said that the hikes in these pensions would come into force as early as next week.
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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.
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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.
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The Minister indicated that the overral financial package earmarked by the government to this effect was set at 4 billion and 358 million dinars.