Staff Supplemental Pension Plan (SSPP)
Full-time supporting staff including those filling skilled, semi- skilled and service jobs.
Participation is open to all local supporting staff within the terms stated in the policies and procedures manual, but is voluntary for those hired prior to September 1994, the inception date of the plan.
The university contributes nine percent and the employee contributes six percent of 120 percent of gross salary on a monthly basis. In this sense, CIB establishes individual accounts for AUC employees under a global set-up in the name of the AUC Staff Supplemental Pension Plan. Monthly contributions that do not reach LE 500 are placed in savings, earning 1% higher than the CIB announced rate, whereas TDs which are multiple of LE 500 are placed subsequently, with three-year duration, receiving a preferential rate of 0.9% higher than the announced CIB rate.
FAQs about SSPP