Sisi administration continues push for private-sector welfare and insurance scheme

Sisi administration continues push for private-sector worker welfare and insurance scheme: President Abdel Fattah El Sisi ordered that legislation be written to set up a welfare and insurance scheme for private-sector workers. The president made the remarks at a meeting on Sunday with Prime Minister Sherif Ismail and CBE Governor Tarek Amer, according to an Ittihadiya statement. Details on the proposed plan, which were first announced last week as election season gears up, continue to be scant. The closest thing to an explanation we’ve heard came from Misr Insurance Holding Company Chairman Mohamed Youssef. He said that banks are working on launching EGP 500 CDs with yields of 16% that will act as life insurance policies and pay EGP 10-50k in cases of natural death and up to EGP 200k in the event of an accident. Each individual will be allowed to buy up to five certificates, he said.