AUC Compliance with Law No. 4 of 2021
May 25, 2021
On March 9, 2021, President Abdel Fattah Al-Sisi approved Law No. 4 of 2021 ("Law No. 4") amending some provisions of Law No. 16 of 2018 establishing a fund to honor martyrs, victims, missing persons, and injured in war, terrorist and security operations, and their families (the "Fund").
Law No. 4, states that all employees who are subject to the provisions of the Egyptian Labor Law are required to make a monthly contribution to the Fund in the amount of 5 of 10,000 of the salaries of each employee, effective as of March 2021. The Law obliges the employer to deduct the said contribution and remit it to the Ministry of Finance "MOF". As such, AUC must comply with this Law by deducting and remitting the said contributions.
The Law took effect as of March 2021 but AUC was waiting for the MOF to issue the guidelines governing the deduction and remission methods. As such, we will deduct this contribution retroactively as of March 2021.
For further details, please contact the Payroll Office at email@example.com
Senior Associate Vice President for Human Resources