Employees of the Amonsito textiles company called off their sit-in in front of the Shura Council building in downtown Cairo–which had lasted a total of 21 days–following the conclusion of a deal between company workers, the General Union for Textiles and a Bank Misr representative.
According to the terms of the deal, struck at Manpower Ministry headquarters, the bank will grant early retirement bonuses to those company workers found by a parliamentary committee to be redundant.
A commission, headed by Egyptian Trade Union Federation chief Hussein Megawer, is expected to meet with the company’s debtors in hopes of agreeing on how much money should be paid out to workers in the form of compensation.
Once the company is eventually sold, banks will use the monies generated from the sale to pay workers’ compensation and settle all outstanding bank debts, according to the agreement.
Translated from the Arabic Edition.
