President El Sisi launches new insurance scheme for laborers
President Abdel Fattah El Sisi launched on Thursday the much-talked about insurance policy for non-government workers. Prime Minister Sherif Ismail announced that the initiative, which would target 15 mn part-time, seasonal, informal and self-employed workers, would see banks issue “Safety certificates of deposits,” Ahram Online reports.
How they work: The new CDs, worth EGP 500-2,500, provides insurance coverage and monthly pensions for these informal workers at 16% interest. The policy includes coverage for natural and accidental death and pays one-time benefits of EGP 10,000-250,000 or monthly pensions of EGP 200-1,000 over five years or EGP 120-600 over 10 years. The certificates can be issued to seasonal and temporary laborers between 18 and 59 years of age. El Sisi ordered that all companies and contractors working on government projects deposit their laborers premiums for the Safety CDs within two weeks, according to an Ittihadiya statement. State banks will start selling the Safety CDs today, according to Al Masry Al Youm.
Speaking on our dilapidated railways, the President said that EGP 200-250 bn would be needed to overhaul the nation’s railway network. His statements come one day after a train collision in Beheira Governorate led to the death of 12 people.
El Sisi also had a stern warning to media outlets: “I want to tell the media … if someone insults the army or police they’re defaming all Egyptians and that’s not freedom of opinion,” El Sisi said. “Honestly speaking, defaming (the army and police), legally, for me now equals treason,” he added. His statements come a day after Prosecutor General Nabil Sadek issued orders to crackdown on what he called “fake news.”
His comments came during the inauguration of the first phase development of New Alamein City in Marsa Matrouh, Ahram Online reports.