إصلاح نظام المعاشات فى مصر_

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Abstract This paper aims at formulating some policies and recommendations to reform the current retirement pensions system in Egypt, which is characterized by overlapping relations with the government budget. This paper starts by introducing the economies of the retirement pensions system, then describes the current situation of the retirement pensions system in Egypt by analyzing the current social insurance system. The paper then analyzes the overlapping relations between retirement pensions and the government budget, describing the current obstacles facing the Egyptian system of retirement pensions. Finally the paper presents some suggestions and policy recommendations to reform the current retirement pensions system in the context of new trends in reforming retirement pensions.

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‫∗‬ ‫‪.‬‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א א‬ ‫‪1‬‬ ‫‪Feldstein, Martin. "Rethinking Social Insurance", The American Economic Review, Vol. 95 Number 1,‬‬ ‫‪March 2005.‬‬

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‫‪.١‬‬

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‫א‬

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‫(‪،‬‬

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‫א‬ ‫א‬

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‫א‬

‫א א‬

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‫א‬ ‫א‬

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‫א‬

‫א‬

‫א‬

‫‪Tradeoff‬‬

‫א‬

‫א‬

‫א א‬ ‫א‬

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‫א‬

‫‪،‬‬ ‫א א‬

‫א‬

‫א‬ ‫א‬

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‫א‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬ ‫א א‬

‫‪1‬‬ ‫א א א ‪.٢٠٠٢ ،‬‬ ‫א‬ ‫א‬ ‫"‪،‬‬ ‫א‬ ‫א‬ ‫א‬ ‫‪" ،‬א א‬ ‫‪2‬‬ ‫‪Feldstein, Martin. "Rethinking Social Insurance", The American Economic Review, Vol. 95 Number 1,‬‬ ‫‪March 2005.‬‬

‫‪:‬א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫‪−‬א‬

‫א‬

‫א‬

‫‪،‬‬ ‫א‬

‫א‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א‬

‫‪ ،‬א‬

‫א‬

‫א‬

‫‪:‬‬

‫‪−‬‬

‫א‬

‫א‬

‫א‬

‫א‬

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‫‪−‬‬

‫א א‬

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‫א‬

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‫‪،‬‬

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‫א‬ ‫א א‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫א א‬ ‫א‬

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‫א‬

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‫‪.‬‬

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‫–א‬ ‫א א‬

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‫א‬

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‫א‬

‫• א‬

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‫‪١٠‬‬

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‫א‬

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‫א א‬ ‫‪ −‬א א‬ ‫א‬

‫•‬

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‫‪،‬‬ ‫א‬

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‫א א ‪.‬‬

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‫א‬

‫א‬

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‫א‬

‫א‬ ‫א א‬

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‫‪"،‬‬

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‫א א‬ ‫א‬

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‫‪2‬‬

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‫א‬

‫א‬

‫‪:Fully Funded‬‬

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‫א א‬

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‫א‬

‫א‬

‫א‬

‫אא‬

‫א‬

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‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

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‫‪١١‬‬

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‫א‬

‫א‬

‫א‬

‫א א‬ ‫"‪،‬‬

‫‪،‬‬

‫א‬

‫‪:‬‬

‫‪:‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

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‫א‬

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‫א‬

‫א‬ ‫א א‬

‫‪.‬‬ ‫א א‬

‫‪٢٠٠٢ ،‬‬

‫א‬

‫‪.٢٠٠٢ ،‬‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫‪١٢‬‬

‫א‬

‫‪−‬‬

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‫א‬

‫א‬

‫א‬

‫‪.‬‬ ‫א‬

‫א‬

‫א‬

‫א א‬

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‫‪ −‬א‬

‫א‬

‫א א‬

‫א‬

‫‪1‬‬

‫א‬

‫א א‬

‫‪،‬‬

‫א‬ ‫א‬

‫אא‬

‫א אא א‬ ‫א‬ ‫א‬

‫‪:‬א‬

‫א‬

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‫‪،‬‬

‫א‬

‫א‬

‫א‬

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‫‪،‬‬

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‫א‬

‫א‬

‫א‬ ‫א‬

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‫א א‬

‫א‬ ‫א‬

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‫א‬

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‫‪.‬‬

‫א‬

‫‪،‬‬

‫א‬ ‫א‬

‫א‬

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‫א‬ ‫‪.١‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬

‫א א‬

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‫‪:‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א א‬

‫א‬

‫‪" ،‬‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫‪−‬‬

‫א‬

‫א‬

‫א ‪ :‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫‪:‬‬

‫א‬

‫‪ −‬א‬

‫•‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

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‫א‬

‫א‬

‫א‬

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‫א‬ ‫א‬

‫"‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٢٠٠٢ ،‬‬

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‫א‬

‫א‬

‫א‬ ‫א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫‪١٣‬‬

‫א‬

‫‪−‬‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫‪ −‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪ −‬א‬

‫א‬

‫א‬

‫‪١٥‬‬

‫א‬

‫א‬

‫‪،‬‬ ‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫א א‬

‫א א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א‬

‫א א א‬

‫א א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫א א‬

‫‪،‬‬

‫א‬

‫‪:‬‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א א‬

‫א א‬ ‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫‪.‬‬

‫א א‬

‫א‬

‫א‬

‫א א א‬

‫א א‬

‫א ‪:‬‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬

‫•‬

‫א‬ ‫א‬

‫א‬

‫‪ −‬א‬ ‫א‬

‫א‬

‫אא‬

‫א‬ ‫א‬

‫א‬

‫א ‪ :‬א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א א א‬

‫א א‬

‫א א ‪:‬‬

‫א‬

‫‪.‬‬

‫אא‬ ‫א‬

‫א‬

‫‪:Partially Funded‬‬ ‫א‬

‫‪،‬‬

‫א‬ ‫א‬ ‫אא‬

‫א‬ ‫א‬ ‫א‬

‫א‬

‫א א‬

‫א‬ ‫א‬

‫א‬ ‫‪،‬‬

‫א‬

‫א א‬

‫א‬ ‫א‬ ‫א‬

‫‪.‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫‪٥‬‬

‫א‬

‫א‬

‫א א‬ ‫‪.‬‬

‫א‬

‫א‬

١٤

،

‫א‬

‫א‬

‫א‬

‫א א א‬

Defined

‫א‬

‫א‬

‫א‬

‫א‬

‫א א א‬ ‫א‬

‫א‬

‫א‬

‫א א‬

.

‫א‬

‫א‬

‫א‬

‫א‬

١

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

٪١٨

‫א‬

‫א‬

‫א‬

،

٪٤٩ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א א‬ .

‫א‬

‫א‬

‫א א‬

‫א‬ ‫א‬

‫א‬

Benefits

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

.

‫א‬ ‫א‬

.

‫א א א‬

‫א‬

‫א‬

‫א א א‬

،

1

‫) א‬

‫א‬

‫א‬

‫א א א‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬:

‫א‬

Defined Contribution Plan

‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬ ‫א‬

‫א‬

‫א‬

،

(

‫א‬

‫א‬

‫א א‬

‫א‬

،Defined Benefits .

‫א‬

‫אא‬

٪٣٣

،

‫א‬

‫א‬

‫א‬ .

‫א‬

،

‫א‬

١٣٠

Robert Palacios, Montserrat Pallarès-Miralles. "International Patterns of Pension Provision, The World Bank, 2000.

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫‪١٥‬‬

‫א‬

‫‪٣ .١‬‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫‪:‬‬ ‫• א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫אא‬

‫‪−‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א א‬

‫א א‬

‫‪،‬‬

‫א‬

‫א‬

‫‪،‬‬

‫אא‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫‪.‬‬

‫‪.‬‬

‫א‬

‫‪.‬‬

‫אא‬

‫א‬

‫‪،‬‬

‫‪:Pillar II‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א א‬

‫א‬ ‫• א‬

‫א‬

‫‪:Pillar I‬‬

‫א א א‬

‫‪−‬א‬

‫אא‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫אא‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.Income Related Scheme‬‬ ‫א‬ ‫א‬

‫א‬

‫א‬ ‫א‬

‫‪:‬א‬

‫א‬

‫א‬

‫• א‬ ‫א‬ ‫א‬

‫א‬

‫‪:Pillar III‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫‪١٦‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫‪.‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

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‫א‬ ‫א‬

‫א‬ ‫‪.١‬‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫אא‬

‫א‬

‫‪.‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫‪٪٨٨‬‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬

‫‪:‬‬

‫•‬

‫‪1‬‬

‫א‬

‫א‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٤ .١‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫‪" ،‬א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א א א‬

‫א‬

‫א‬

‫א א‬

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− ‫א א‬−

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‫א‬ ‫א‬

Technical Assistance to Support the Reform Activities of the Government of Egypt and Provide Management Activities. TAPR, "Enhancing Egypt's Social Insurance System", USAID, September, 1999. 2 Loewe, Markus. "Social Security in Egypt: an analysis and agenda for policy reform", Economic Research Forum, "ERF" working paper no,2024. 2002

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‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

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‫‪. TAPR, "Enhancing Egypt's Social Insurance System" ،٢٠٠٣/٢٠٠٢‬‬

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٢١,٤

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٥,٦

١٧,٤

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١٣,٦

١١,٧

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٧,٩

٦,٦

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٥,٦

٥,١

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‫א‬

‫אא‬

(

٦٠−١٨)

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١٧,٤

‫א א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

،

.١ ‫א א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬:

‫א‬

، ‫א‬

‫א‬

(٪)

‫א א‬

‫א א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

(

‫א‬

‫א‬ ‫א‬ ‫א‬

Source: Robert Palacios, Montserrat Pallarès-Miralles. "International Patterns of Pension Provision, The World Bank, 2000.

1

Technical Assistance to Support the Reform Activities of the Government of Egypt and Provide Management Activities. TAPR, "Enhancing Egypt's Social Insurance System", USAID, September, 1999.

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‫א‬

‫‪ ٣ .٢‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫אא‬

‫א א‬

‫א‬

‫‪،‬‬

‫א‬

‫‪١٩٩٢/١٩٩١‬‬

‫א‬

‫א‬

‫•‬

‫א‬

‫א‬

‫א‬

‫‪١٥‬‬

‫)‪(١‬‬

‫‪٢,٠٤‬‬ ‫א‬

‫‪٪٨,٥‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،١٩٩٦/١٩٩٥‬‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٦/١٩٩٥ − ١٩٩١/١٩٩٠‬‬

‫‪،١٩٩١/١٩٩٠‬‬

‫א‬

‫‪١٩٩٦/١٩٩٥‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א ‪٪٥‬‬

‫‪٢٠٠٥/٢٠٠٤‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫‪:‬‬

‫א‬

‫א‬

‫א‬

‫‪٪٦٣٤‬‬

‫א‬

‫א א‬

‫א‬

‫‪٪٦‬‬

‫‪.٢٠٠٥/٢٠٠٤−١٩٩١/١٩٩٠‬‬ ‫•‬

‫א‬

‫א‬

‫א‬

‫‪٢٠٠٥/٢٠٠٤‬‬

‫‪٪٣٣٠‬‬

‫א‬

‫א‬

‫‪.‬‬

‫‪١٩٩١/١٩٩٠‬‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.١٩٩١/١٩٩٠‬‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫‪.٢٠٠٣/٢٠٠٢‬‬ ‫א‬

‫א‬

‫‪٤,٣‬‬

‫א‬

‫‪٢٥‬‬

‫א‬

‫א‬

‫א ‪١٥‬‬

‫א‬

‫א א‬

‫א‬ ‫א ‪١٨,٦‬‬

‫א‬ ‫א‬

‫‪.‬‬

‫א א‬ ‫אא‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫‪،١٩٩٢/١٩٩١‬‬

‫א‬

‫‪،‬‬

‫א‬

‫‪،‬‬ ‫א‬

‫א‬

‫‪١٦,٥‬‬

‫א‬ ‫)‪(٢‬‬

‫א‬

‫א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٢٦‬‬

‫א‬

‫א א‬

‫‪٢٠٠٣/٢٠٠٢ −١٩٩٣/١٩٩٢‬‬ ‫‪٪١,٣٤‬‬

‫‪.١٩٩٣/١٩٩٢‬‬ ‫א‬

‫‪١٩٨٠‬‬ ‫א‬

‫‪٪٠,١‬‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬ ‫‪٪١٠,٦‬‬

‫‪،‬‬

‫‪.‬‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬ ‫א‬

‫‪،٪٥٧,٢‬‬

‫א‬ ‫א‬

‫‪٪٣٢,٢‬‬

‫‪٥٠‬‬

‫א‬

‫א‬

‫‪٧٩‬‬

‫א‬

‫א‬

‫א‬

‫‪١٠٨‬‬

‫‪٪٣,٠٧‬‬

‫‪١٩٧٨‬‬

‫‪ ١٩٧٥‬א‬ ‫‪،‬‬

‫‪ ١٩٧٦‬א‬

‫) ‪(١‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫‪%٣٢٫٢‬‬

‫‪%٥٧٫٢‬‬ ‫‪%٠٫١‬‬ ‫‪%١٠٫٦‬‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬ ‫‪٥,٧‬‬

‫اﻟﻘﺎﻧﻮن رﻗﻢ ‪ ١١٢‬ﻟﺴﻨﺔ ‪١٩٨٠‬‬

‫اﻟﻘﺎﻧﻮن رﻗﻢ ‪ ٥٠‬ﻟﺴﻨﺔ ‪١٩٧٨‬‬

‫א‬

‫•‬

‫א‬

‫اﻟﻘﺎﻧﻮن رﻗﻢ ‪ ١٠٨‬ﻟﺴﻨﺔ ‪١٩٧٦‬‬

‫اﻟﻘﺎﻧﻮن رﻗﻢ ‪ ٧٩‬ﻟﺴﻨﺔ ‪١٩٧٥‬‬

‫‪٧,٤‬‬

‫א‬

‫א‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫‪:‬‬

‫)‪(٣‬‬

‫א‬

‫א‬

‫‪.١٩٩٢/١٩٩١‬‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬ ‫א‬

‫א‬

‫‪٦,١‬‬

‫א‬ ‫א‬

‫א‬

‫‪١٩٩٢/١٩٩١‬‬

‫‪،‬‬

‫‪١٩٩٦/١٩٩٥‬‬

‫אא‬ ‫‪١١٢‬‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.١٩٨٠‬‬

‫א‬

‫א‬

‫א א‬

‫א‬ ‫א‬ ‫א‬

‫•‬

‫א‬ ‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،١٩٩٢/١٩٩١‬‬ ‫אא‬

‫א‬

‫‪١٩٧٥‬‬

‫א‬

‫א‬

‫‪:‬‬

‫‪،‬‬

‫א‬

‫א‬

‫‪١١٢‬‬

‫א‬

‫‪.‬‬

‫‪٦٥‬‬

‫‪١٩٨٠/٧/١‬‬

‫א‬

‫‪٠,٣٨٧‬‬

‫א‬

‫א‬

‫‪.١١٩٨٠/٧/١‬‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫‪،١٩٨٠/٧/١‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،١٩٨٠/٧/١‬‬

‫א‬

‫‪:‬‬

‫א‬ ‫א‬

‫א‬ ‫‪١٩٩٧/١٩٩٦‬‬ ‫א‬

‫‪٧٩‬‬

‫‪،‬‬

‫א‬

‫א‬

‫‪١,١٤‬‬

‫‪،‬‬

‫‪،‬‬

‫א‬

‫א‬

‫‪٪٣٠,٢‬‬

‫א‬

‫א‬

‫א‬

‫‪٪٥٠,٤‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬ ‫א‬

‫א‬

‫א‬

‫‪٪١١,٩‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

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‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬ ‫א‬

‫א ‪٤,٥‬‬

‫א‬

‫‪ ٢٠٠٣/٢٠٠٢− ١٩٩٢/١٩٩١‬א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫‪٢٠٠٣/٢٠٠٢− ١٩٩٢/١٩٩١‬‬

‫א‬

‫‪١٦‬‬

‫א‬

‫‪.١٩٩٢/١٩٩١‬‬

‫‪1‬‬ ‫א‬ ‫א‬ ‫"א‬ ‫‪،‬‬ ‫א‬ ‫>>‪<<http://www.misaegy.com/misaqandanswer0101010.htm‬‬

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‫א‬ ‫)‪(٤‬‬

‫א‬ ‫א‬

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‫‪،‬‬

‫א‬

‫‪٩,٩‬‬

‫‪:‬א‬

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‫א‬

‫א‬

‫•‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٢/١٩٩١‬‬

‫א‬

‫א‬

‫• א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،٢٠٠٢/٢٠٠١‬‬ ‫‪١٩٩٢/١٩٩١‬‬

‫א‬

‫‪٦٠,٨١‬‬

‫א‬

‫א‬

‫‪٤٧,٤‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫‪١٩٧٥‬‬

‫א‬

‫א‬

‫‪٤٦,١٤‬‬

‫א‬

‫‪١٨,٨‬‬

‫א א‬

‫‪٧٩‬‬

‫א‬

‫א‬

‫‪٧,٦‬‬

‫‪ ٢٠٠٥/٢٠٠٤‬א‬

‫‪١٩٩٦/١٩٩٥‬‬ ‫א‬

‫א ‪٣,٥‬‬

‫‪.٪١٦,٢٤‬‬

‫‪.‬‬

‫א‬

‫‪٢٠٠٥/٢٠٠٤‬‬

‫א‬

‫א‬

‫‪١٤,٣‬‬ ‫)‪(٥‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪:‬‬

‫‪،٢٠٠٠/١٩٩٩‬‬

‫‪،١٩٩٢/١٩٩١‬‬

‫א‬

‫א‬

‫‪٢٨‬‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫‪.‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫‪.٢٠٠٣/٢٠٠٢‬‬ ‫א‬

‫א ‪٤٨,٧٨‬‬

‫‪.١٩٩٢/١٩٩١‬‬

‫א א‬

‫‪٤٦,٤١‬‬

‫א‬

‫א‬

‫א‬

‫א ‪،‬‬

‫‪،‬‬ ‫‪٤٣,٩٧‬‬

‫א‬ ‫א‬

‫א ‪،‬‬

‫א‬

‫א‬

‫‪٪٧١‬‬

‫א‬

‫א‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫‪٤٢,٦٩٢‬‬

‫‪،٢٠٠٢/٢٠٠١‬‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫)‪(٦‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬ ‫א‬

‫‪٪٢٩‬‬ ‫א‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫‪.‬‬ ‫א‬

‫‪١٩٩٢/١٩٩١‬‬

‫‪.١٩٩٢/١٩٩١‬‬

‫א‬

‫א‬

‫)‪(٦‬‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫א א א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫)‪(٧‬‬

‫א‬ ‫א‬

‫א‬ ‫‪،‬‬

‫‪،١٩٩٨/١٩٩٧‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪ ١٩٩٢/١٩٩١‬א‬

‫א‬

‫‪،‬‬

‫א א‬

‫>>‪.<<www.idsc.gov.eg‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪١‬‬

‫א‬

‫‪٪١٧,٤‬‬

‫א א‬

‫א‬

‫א‬ ‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫‪٢٢٢,٣‬‬

‫א‬

‫‪. ٪٤٥٠‬‬

‫‪.‬‬

‫א א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫‪٪٥٣,٤‬‬

‫‪Fully Funded‬‬

‫א‬

‫א‬

‫‪٪٥٣,٢‬‬

‫א ‪١١٩‬‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א ‪٪٤٤,٨‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א ‪٪٢٩‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫‪.‬‬

‫א‬

‫‪٤٠,٤‬‬

‫א‬ ‫א‬

‫‪٪٣٨,٩‬‬

‫‪1‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬ ‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢−١٩٩٢/١٩٩١‬‬ ‫א‬

‫א א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬

‫א ‪٣٢,٥٤‬‬

‫א א א‬

‫‪٪٨٢,٦‬‬

‫א‬

‫א א א‬ ‫•‬

‫‪٢٩‬‬

‫‪.١٩٩٢/١٩٩١‬‬

‫א א‬

‫א א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫א‬

‫‪١٨‬‬ ‫א‬

‫)‪ ،(٢٠٠٣/٢٠٠٢−١٩٩٢/١٩٩١‬א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫‪٪٥٥‬‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٢/١٩٩١‬‬ ‫‪.‬‬

‫א‬

‫א‬

‫‪٣٠‬‬

‫‪٪٤٦,٦‬‬

‫א א‬

‫א‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫א‬ ‫א א‬

‫א‬

‫א‬

‫א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫‪٣١‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫אא‬

‫א‬

‫א‬ ‫‪.‬‬

‫א‬ ‫א‬

‫‪ ١ .٣‬א‬

‫א‬

‫א‬

‫א‬

‫‪1‬‬

‫‪٢٠٠٢‬‬

‫א א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪ ،‬א‬

‫א‬ ‫א א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫אא‬

‫‪.١‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫• א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א א‬

‫א‬

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‫‪. ١٩٧٣‬‬

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‫‪.‬‬

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‫א‬

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‫‪،‬‬

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‫א‬

‫א‬

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‫‪٣٣‬‬

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‫א‬

‫א‬ ‫א‬

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‫‪:‬א‬

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‫‪−‬‬

‫א‬

‫א‬

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‫א‬

‫א‬

‫‪،‬‬

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‫א‬

‫אא‬

‫א‬

‫‪.‬‬ ‫‪−‬‬

‫‪،١٩٨٠‬‬ ‫א‬

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‫‪،‬‬

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‫א‬

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‫א‬

‫אא‬

‫א‬ ‫א א‬

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‫א‬ ‫א‬

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‫א‬

‫א א‬

‫א א א‬ ‫‪١١٩‬‬

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‫א‬

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‫‪١٩٨٠‬‬ ‫א‬

‫א‬ ‫א‬ ‫א‬ ‫א‬

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‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

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‫א‬ ‫א‬ ‫א א‬ ‫א‬

‫א‬ ‫א‬

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‫א‬

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‫א‬ ‫א‬

‫א‬

‫א‬

‫א א‬ ‫*‬

‫א א‬

‫א‬ ‫א‬

‫‪٩٥,٨‬‬

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‫א‬

‫א א‬

‫א‬

‫‪١,١‬‬

‫א‬

‫א‬

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‫א‬

‫א א‬ ‫*‬

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‫‪٢٦,٦‬‬

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‫א‬

‫‪١٢٣,٩‬‬

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‫א‬

‫א‬

‫‪٢٠٠١/٢٠٠٠‬‬

‫א‬

‫‪ :‬א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫)‪(١٧‬‬ ‫א‬

‫א‬

‫א‬

‫‪.٢٠٠٣/٢٠٠٢ ،‬‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫‪٢ .٣‬‬

‫‪،‬‬

‫‪"،‬‬

‫‪.٢٠٠٢ ،‬‬

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‫א‬

‫‪٣,١‬‬

‫א‬

‫א‬

‫א‬

‫)‬

‫א א‬

‫‪١٠,٠‬‬

‫א‬

‫‪١٥,٩‬‬

‫א‬

‫א א‬ ‫א‬

‫‪٣,٨‬‬

‫א‬

‫‪٠,١٤٧‬‬ ‫א‬

‫א‬

‫א‬

‫‪٨,٨‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫"‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫‪،‬‬

‫א‬

‫א א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬ ‫‪،‬‬

‫א‬

‫‪:‬א‬

‫א‬

‫א‬ ‫‪.٢‬‬ ‫‪.٣‬‬

‫א‬

‫א‬

‫א א‬

‫‪.١‬‬

‫א‬

‫‪.٤‬‬

‫‪.٥‬‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א א‬

‫א‬

‫א א א א א‬

‫א‬

‫א‬

‫א א‬

‫א א א א א‬ ‫א א‬

‫‪.٦‬‬

‫א‬

‫א‬

‫‪٣٦‬‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫‪.‬‬

‫‪.‬‬

‫א‬

‫א א ‪.‬‬

‫‪٧٩‬‬

‫‪:‬‬

‫א א‬

‫‪.‬‬

‫א‬

‫א‬

‫‪:‬‬

‫א א‬

‫א‬

‫)‪(٢‬‬ ‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬ ‫‪٪١١‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫‪٪١٢‬‬

‫א א‬ ‫)‪٪٧٠‬‬

‫א‬

‫א‬

‫א‬ ‫‪+‬‬

‫‪:‬‬ ‫א א‬

‫(‬

‫א‬

‫‪،١٩٧٥‬‬

‫א‬

‫א א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٣٧‬‬

‫א‬

‫א‬

‫)‪(٣‬‬

‫א‬

‫א‬

‫א א‬ ‫א‬ ‫א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬

‫אא א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬ ‫א‬

‫א א‬ ‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫•‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬

‫א‬ ‫‪٪١٩‬‬

‫‪٪١‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫א‬

‫‪.٢٠٠٢‬‬

‫‪ ،‬א‬

‫‪.١‬‬

‫א‬

‫‪٣,١‬‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫‪"،‬‬

‫א‬

‫א‬

‫‪١٨,٩‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪ ،‬א‬

‫א‬ ‫א‬

‫‪،‬‬

‫א א‬

‫‪٢٠٠٣/٢٠٠٢‬‬ ‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א א‬ ‫‪٢٦,٦‬‬

‫א א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫‪) ٢٠٠٣/٢٠٠٢‬‬ ‫(‬

‫‪١٤,١‬‬ ‫א‬

‫א‬

‫א‬

‫‪٪٧٠‬‬

‫‪٪٢‬‬

‫‪.‬‬ ‫א‬

‫א‬

‫א‬

‫‪٪٣‬‬

‫‪٣,٨‬‬

‫א א‬

‫‪) ٢٠٠٢/٢٠٠١‬א‬ ‫‪2‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א א‬

‫‪1‬א‬

‫‪،‬‬

‫‪٪١٥‬‬

‫א א‬

‫‪.٢٢٠٠١/٢٠٠٠‬‬

‫• א א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬

‫א א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫‪٪ ٦٠‬‬

‫א‬

‫א‬

‫א‬

‫‪٣٨‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬ ‫‪،‬‬

‫א‬ ‫א א‬

‫א‬ ‫א‬

‫‪٢,٤‬‬

‫‪١٧,١‬‬ ‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫‪،‬‬ ‫"‪،‬‬

‫א‬

‫א‬ ‫(‪.‬‬

‫א א‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬ ‫‪١٥,٨‬‬

‫א‬

‫א‬ ‫א‬

‫‪.‬‬ ‫א א‬

‫א‬

‫‪،‬‬

‫‪:‬א‬

‫א‬

‫אא‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٪٧‬‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬ ‫‪١٩٩٥‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א א‬ ‫א א א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪٣٩‬‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫‪.٢٠٠٣‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٣‬‬

‫א‬

‫א‬

‫‪٪١١‬‬

‫א‬

‫א‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א א‬

‫‪،‬‬

‫‪،‬‬

‫‪.‬‬

‫א א‬ ‫‪،‬‬

‫א‬

‫א‬

‫)‪(٤‬‬ ‫א‬

‫א‬

‫א‬

‫א א‬

‫‪١٩٩٥‬‬

‫א‬ ‫א‬

‫א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪٢٠٠٣‬‬ ‫א‬

‫‪١٩٩٥‬‬

‫‪٣٠٢٩‬‬

‫‪١٩٩٦‬‬

‫‪٣٠٢٩‬‬

‫‪١٩٩٧‬‬

‫‪٣٠٢٩‬‬

‫‪١٩٩٨‬‬

‫‪٣٠٢٩‬‬

‫‪١٩٩٩‬‬

‫‪٣٠٢٩‬‬

‫‪٢٠٠٠‬‬

‫‪٣٠٢٩‬‬

‫‪٢٠٠١‬‬

‫‪٣٠٢٩‬‬

‫‪٢٠٠٢‬‬

‫‪٢٠٠٠‬‬

‫‪٢٠٠٣‬‬

‫‪٢٠٠٠‬‬

‫א‬

‫‪−‬א‬

‫א‬

‫‪−‬‬

‫א‬

‫א‬ ‫)‬

‫א‬

‫א‬

‫א‬

‫(‬

‫‪:‬א‬

‫א‬

‫• א א א‬ ‫א‬ ‫א‬

‫א א‬ ‫א‬

‫א א‬ ‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫‪١٩٤,٣‬‬

‫‪١٨,٩‬‬

‫‪٪٧٠,٥‬‬

‫א‬

‫א‬

‫‪،٢٠٠٣‬‬

‫‪٪١٥‬‬ ‫א‬

‫א א‬

‫‪٧٩‬‬

‫א‬

‫אא‬

‫‪1‬‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫א‬

‫‪١٩٨٧‬‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א א‬

‫‪.١‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪ ،١٩٧٥‬א‬

‫‪،‬‬

‫א‬

‫א‬ ‫‪٪١٠‬‬

‫‪.٪٢١٠‬‬ ‫‪،٢٠٠٣/٢٠٠٢‬‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫‪٪١٥‬‬ ‫א‬

‫‪.١٢‬‬

‫‪.٩٤‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٥,٥‬‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬

‫‪١٩٨٧‬‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫‪١٣,٤‬‬

‫א‬

‫א א א‬

‫א א א‬

‫א‬

‫א‬

‫א‬

‫א ‪.‬‬ ‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪٪٧,٥‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪١١,٢‬‬

‫א‬

‫א א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א א א‬

‫א ‪،‬‬

‫‪٢٠٠٣‬‬ ‫א א‬

‫‪،‬‬

‫‪،‬‬

‫א‬

‫‪٪١٠ ٪٢٠‬‬

‫‪ ١٩٩٢‬א‬

‫א א‬

‫‪٢‬‬

‫א‬

‫א א‬

‫א‬

‫‪١٩٩٩/١٩٩٨‬‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫‪2‬‬

‫א‬

‫‪٪ ١٠٢,٨‬‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٤٠‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٣‬‬

‫א‬ ‫א‬

‫א‬

‫‪١٩٨٨‬‬

‫‪.٢٠٠٣‬‬

‫‪١٤٨‬‬ ‫אא‬

‫‪١٩٨٧‬‬

‫‪،١٩٩١‬‬

‫א‬

‫א‬

‫א‬

‫‪:‬א‬

‫א‬

‫א א‬

‫‪،٢٠٠٣١‬‬ ‫א‬

‫‪،‬‬

‫א‬

‫א א‬

‫א‬

‫‪ :‬א א‬

‫א‬

‫א‬

‫א‬ ‫‪،٪٦٤‬‬

‫א‬

‫אא‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫‪.٢‬‬

‫א‬

‫‪١٩٨٧‬‬

‫א‬

‫‪٦٨٩,٥‬‬

‫א‬ ‫א‬

‫‪٤١‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٩/١٩٩٨‬‬

‫)‬

‫‪٪٦٨٩,٥‬‬

‫‪١٠‬‬

‫א‬

‫‪٧٨٩,٥‬‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫(‬

‫א א א א‬ ‫א א‬

‫א‬

‫‪،‬‬

‫א‬

‫א א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬ ‫א‬

‫)‪(٥‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪1‬א‬ ‫‪2‬‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٩/١٩٩٨‬‬ ‫‪٢٠٠٠/١٩٩٩‬‬

‫‪٧,١‬‬

‫‪٢٠٠١/٢٠٠٠‬‬

‫‪٧,٩‬‬

‫‪٢٠٠٢/٢٠٠١‬‬

‫‪٨,٩‬‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫‪١٠,٠‬‬

‫א‬

‫א‬

‫‪،‬‬

‫‪:‬‬

‫‪،‬‬

‫א‬

‫‪٦,١‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫‪،٢٠٠٣/٢٠٠٢ ،‬‬

‫‪.١٠٢‬‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫‪،‬‬

‫‪،٢٠٠٣/٢٠٠٢ ،‬‬

‫א א‬

‫‪.١‬‬

‫א‬

‫‪.‬‬

‫‪،‬‬

‫‪٦,١‬‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א א א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫‪٪١١‬‬

‫‪1‬א‬

‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א א‬

‫א א‬

‫א א‬

‫א‬

‫‪٪١٢‬‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א ‪.‬‬

‫א א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪.‬‬

‫‪.،‬‬

‫א‬

‫‪ ٪٠,٨ ،‬א‬

‫א‬

‫א‬

‫‪١٧٥‬‬

‫א‬

‫א א‬

‫אא‬

‫א‬

‫‪١٨٩,٧‬‬

‫؛ ‪٪٩٢,١‬‬

‫א‬

‫‪،‬‬

‫‪١,١‬‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א א‬

‫‪.‬‬

‫‪٠,١٤٧‬‬

‫‪٪١,١ ،‬‬

‫א‬

‫‪،‬‬

‫א א א‬

‫א א א‬

‫א א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א א‬

‫א‬

‫א‬

‫‪.(٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬

‫א‬

‫‪،‬‬

‫‪ ٪٥,٨ ،‬א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫‪،٢٠٠٣/٢٠٠٢‬‬

‫א א א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٤٢‬‬

‫א‬

‫א‬

‫א‬

‫‪،١‬‬ ‫)‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪ −‬א א א‬ ‫‪ −‬א‬

‫א‬ ‫א‬

‫א‬

‫א א‬

‫‪،٢٠٠٠‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪٢٠٠٤‬‬

‫א‬

‫‪،‬‬

‫א א‬

‫א‬

‫‪:‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٢٠٠٠‬‬

‫‪١٧٠,٣٦٦‬‬

‫‪٢٠٠١‬‬

‫‪١٨٤,٩٠٩‬‬

‫‪٢٠٠٢‬‬

‫‪١٩٣,٩٢٧‬‬

‫‪٢٠٠٣‬‬

‫‪٢٠٣,٥٢٦‬‬

‫‪٢٠٠٤‬‬

‫‪٢١٧,٦١٤‬‬

‫א‬

‫‪ ،‬א‬

‫‪،‬‬

‫א‬

‫‪٢٠٠٠‬‬ ‫א‬

‫)‪(٦‬‬ ‫א‬

‫א‬

‫א א‬

‫‪٤٧‬‬

‫א‬

‫‪.٢٠٠٠/١٩٩٩‬‬ ‫א‬

‫‪،‬‬

‫‪٪١٣‬‬

‫‪٪٨٠‬‬

‫א‬

‫‪.‬‬

‫א‬

‫‪١٧٠‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫‪٪٧٣‬‬

‫‪:‬‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬

‫א‬

‫‪٢١٨‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪٤٣‬‬

‫א‬

‫א‬

‫א א‪.‬‬

‫א‬

‫א‬

‫א‬ ‫‪.‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪:‬א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א א‬

‫א‬

‫א‬

‫‪١٢٣,٩‬‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٢/١٩٩١‬‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪١٥,٨‬‬

‫א‬

‫א‬

‫‪٢٥٢,٢‬‬

‫‪١٥,٩‬‬

‫א‬

‫א‬

‫‪:‬א‬

‫א‬

‫‪٤٤‬‬

‫‪،١‬‬

‫א‬

‫א‬

‫א‬

‫‪١٩٩٢/١٩٩١‬‬

‫‪١٩٩٢/١٩٩١‬‬

‫א א‬

‫‪٪٤٩,٢‬‬ ‫א‬

‫‪٪٥٣‬‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫‪،٪٥٧‬‬

‫אא‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫‪١٢٣,٩‬‬

‫א א‬

‫‪.٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫) ‪(٤‬‬ ‫א‬

‫‪١٩٩٢/١٩٩١‬‬

‫א‬

‫‪٢٠٠٣/٢٠٠٢‬‬

‫(‬

‫)‬

‫‪١٤٠٠٠٠‬‬ ‫‪١٢٠٠٠٠‬‬ ‫‪١٠٠٠٠٠‬‬ ‫‪٨٠٠٠٠‬‬ ‫‪٦٠٠٠٠‬‬ ‫‪٤٠٠٠٠‬‬ ‫‪٢٠٠٠٠‬‬ ‫‪٠‬‬ ‫‪٠١‬‬ ‫‪٠٠‬‬ ‫‪٩٩‬‬ ‫‪٩٨‬‬ ‫‪٠٢‬‬ ‫‪٩١‬‬ ‫‪٩٦‬‬ ‫‪٩٧‬‬ ‫‪٩٢‬‬ ‫‪٩٣‬‬ ‫‪٩٥‬‬ ‫‪٩٤‬‬ ‫‪/ ٢٠‬‬ ‫‪/ ٢٠‬‬ ‫‪/ ١٩‬‬ ‫‪/ ١٩‬‬ ‫‪/١٩‬‬ ‫‪/٢٠‬‬ ‫‪/١٩‬‬ ‫‪/ ١٩‬‬ ‫‪/١٩‬‬ ‫‪/١٩‬‬ ‫‪/١٩‬‬ ‫‪/١٩‬‬ ‫‪٠٢‬‬ ‫‪٠١‬‬ ‫‪٠٠‬‬ ‫‪٩٩‬‬ ‫‪٠٣‬‬ ‫‪٩٢‬‬ ‫‪٩٧‬‬ ‫‪٩٨‬‬ ‫‪٩٣‬‬ ‫‪٩٤‬‬ ‫‪٩٦‬‬ ‫‪٩٥‬‬ ‫‪٠‬‬ ‫‪٠‬‬ ‫‪٠‬‬ ‫‪٠‬‬ ‫‪٩‬‬ ‫‪٩‬‬ ‫‪٩‬‬ ‫‪٩‬‬ ‫‪٩‬‬ ‫‪٩‬‬ ‫‪٩‬‬ ‫‪٩‬‬ ‫‪٢‬‬ ‫‪٢‬‬ ‫‪٢‬‬ ‫‪٢‬‬ ‫‪١‬‬ ‫‪١‬‬ ‫‪١‬‬ ‫‪١‬‬ ‫‪١‬‬ ‫‪١‬‬ ‫‪١‬‬ ‫‪١‬‬

‫א‬ ‫‪1‬‬

‫‪:‬א‬

‫א‬

‫א‬ ‫א‬

‫‪−‬א‬ ‫א‬

‫‪−‬‬

‫א‬ ‫א‬

‫א‬

‫א‬ ‫א‬

‫‪:‬א‬

‫א‬

‫א‬ ‫א‬

‫‪−‬‬

‫א‬

‫א א א‬

‫א א‬

‫א‬

‫א‬

‫א‬ ‫א‬

‫‪−‬‬ ‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫)א‬

‫א‬

‫א‬

‫א א‬

‫א‬ ‫א‬

‫א‬ ‫א א א‬

‫א‬

‫א א‬

‫א‬ ‫א‬

‫א א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫‪.‬‬

‫א‬

‫א‬ ‫)א‬

‫א א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א‬

‫‪.‬‬

‫‪:‬‬

‫א‬

‫( א‬

‫א‬

‫‪:‬‬

‫(‬

‫א‬

‫א‬

‫‪.‬‬ ‫א‬

‫א א א‬

‫‪،‬‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬

‫א א א‬

‫‪:‬‬

‫א‬

‫א‬

‫‪:‬‬

‫‪،‬‬

‫א‬

‫א‬

‫‪:‬‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫‪.‬‬ ‫א‬

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Louise Fox and Edward Palmer," New Approaches to Multipillar Pension Systems: what in the world is going on?", Towards Sustainable Pension systems in the 21st Century, New Ideas about old age security, the World bank, 2001. 1

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٤٠٠

1

.٢٠٠٢

Technical Assistance to Support the Reform Activities of the Government of Egypt and Provide Management Activities. TAPR, "Enhancing Egypt's Social Insurance System", USAID, September, 1999.

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.

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1

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Technical Assistance to Support the Reform Activities of the Government of Egypt and Provide Management Activities. TAPR, "Enhancing Egypt's Social Insurance System", USAID, September, 1999.

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‫‪،‬‬

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‫‪،‬‬

‫‪،‬‬ ‫א‬

‫א‬

‫‪،‬‬

‫א‬

‫א‬

‫א‬

‫א‬

‫א א‬

‫א‬

‫א‬ ‫א‬

‫א‬ ‫א‬

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‫א‬

‫א‬

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‫א‬

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‫א‬

‫א‬

‫אא‬

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‫א‬

‫א‬

‫א א ‪.‬‬

‫א א ‪،‬‬

‫‪.‬‬

‫(‬

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‫א‬

‫א א‬

‫א‬

‫א‬

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‫א‬ ‫א א‬

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‫‪.‬‬

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‫א‬

‫‪:‬א‬

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‫‪.‬‬

‫א‬ ‫א‬ ‫א‬

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‫א‬ ‫א‬

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‫‪،‬‬ ‫א א‬

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‫‪،‬‬

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‫‪،‬‬

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‫‪Fully Funded‬‬

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‫א א‬

‫א א א‬

‫א‬

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‫א א א‬

‫א א א‬

‫א‬

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‫)‪Notional Defined Contribution Accounts (NDC‬‬

‫א‬

‫א א‬

‫א‬

‫א‬ ‫א א‬

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‫א‬