The government can no longer afford the size of pensions and insurance, said Solidarity Minister Ghada Wali at the Akhbar Al-Youm economic conference.
The price of pension and insurance funds rose this year to reach LE110 billion, compared to LE43 billion in 2010, said Wali, pointing out that LE55 billion of that amount is paid from the public treasury and the rest is paid from other funds.
Egypt needs a radical reform of the pension system, she said, stressing that the ministry is currently preparing for a new unified law to regulate the pension system.
Despite the budget deficit, the state announced its commitment to providing pensions, said the minister.
The achievement of social justice is linked to achieving real growth rates and a strong economy that balances with the population's growth rate, said Wali.
Wali said the equitable distribution of revenue through minimizing the great disparity between incomes is the inherent right of every citizen.
Wali also said a financial support program has been implemented in 19 poor villages where more than 210,000 families, comprised of 802,000 citizens, would benefit from the program, according to Wali.
Another program called "Opportunity" has been implemented to provide training and employment opportunities for the poor, along with a program in Upper Egypt to develop 250 villages.
Edited translation from Al-Masry Al-Youm