Manpower Minister Ahmed al-Borai approved the formation of a syndicate for pensioners. It is the first syndicate to be independent of the state unions.
“This approval is historic,” said syndicate founder al-Badr Farghaly. “Egypt was on the black list of international labor organizations for banning independent syndicates.”
Farghaly said the syndicate will cover 8.5 million pensioners. “The first thing we will do is retrieve the LE435 billion that was taken from the pension funds and allocated elsewhere in the state budget,” he said.
He also criticized former Minister of Manpower Aisha Abdel Hady for paying high salaries to social security personnel to facilitate the reallocation of the pension fund money. “Some of them received as much as LE200,000 per month,” he said.
Translated from the Arabic Edition
