The Egyptian Trade Union Federation is the latest to line up for its chance to milk the private sector, state coffers. ETUF has prepared model legislation that it says will improve pension benefits for private-sector workers, particularly for casual workers who aren’t covered under the current pensions act, including construction workers and truck drivers The federation is presenting its work as a “draft bill” that will soon go to the House of Representatives. While it has no power to table a bill for consideration, its secretary general is Gebaly El Maraghi, who is also the chairman of the House Manpower Committee. ETUF is presenting the bill as a bid to replace the current 1975 law with one that’s “more in line with the past four decades of social and economic changes” and guarantee medical insurance, severance and end-of-service bonuses for workers, MP Mohamed Wahb Allah tells the newspaper. The bill would also mandate annual increases in pension payouts. El Maraghi plans to introduce his bill for consideration by his committee “after the Eid break in early July,” Al Mal says, adding credence to suggestions the house will delay its summer recess to tackle a backlog of legislation.
More from Enterprise
Central Bank of Egypt looks to renew USD 2 bn Kuwaiti deposit as regional conflict stalls FDI conversions
The maturing USD 2 bn deposit is expected to be…
Miga guarantee unlocks USD 313 mn for National Bank of Egypt trade finance
Plus: Incolease taps securitization market with debut EGP 2 bn…
Markets seem to discount war-related risk with record rallies
Stocks around the world are rallying, but policymakers think markets…
IBF & Company doubles down on logistics with Techno Metal acquisition
Plus: Lucky lands USD 23 mn in Series B round,…