Egypt's President Abdel Fatah al-Sisi - Reuters
CAIRO – 29 April 2018: President Abdel Fatah al-Sisi said on Sunday that he was “delighted” with the implementation of a comprehensive social protection system that covers the poor and the needy.
During a ceremony to celebrate Labor Day, Sisi said that over the last four years the government has been implementing the Takaful and Karama programs, which benefit millions of families and help them live a “decent” life.
Takaful and Karama are cash transfer programs that are part of a social protection net implemented by the government to protect the poor from the negative effects of Egypt’s reform program.
Both programs where hailed by economists as they diverge from conventional pension schemes, aim to deliver subsidies to those who need them most and limit waste and corruption in social spending.
Sisi also spoke on the “Aman” certificates (Security Certificate), the new life insurance plan for casual and temporary workers that was launched last month.
He said that he is following up on the developments of Aman, and that he aspires to see increased issuance rates for the certificate, whether in the public or the private sectors, in order to provide coverage for all seasonal workers.
Sisi added that he aspires to see Parliament accelerate in issuing the new labor law, which aims to provide safety and stability for private sector workers.
The president further referred to the big projects that are being implemented, including infrastructure projects, social housing, developing unsafe areas, new factories, industrial free zones as well as natural gas and petroleum projects.
Yields of the Aman Certificate for temporary and seasonal workers in two banks; Banque Du Caire and the Agriculture Bank of Egypt recorded LE 147 million ($8.3 million) in five weeks by issuing 105,000 certificates, according to recent statements.
Chairman of the Agriculture Bank of Egypt al-Sayed al-Kosair said earlier this month that the bank issued 90,000 Aman certificates with a total yield of LE 129 million.
Meanwhile, Chairman of Banque Du Caire Tarek Fayed said that his bank issued 15,000 Aman certificates with a total yield of LE 18 million since March 4.
The Aman Certificate is available at four Egyptian banks, namely the National Bank of Egypt, Banque Misr, Banque Du Caire and the Agriculture Bank of Egypt.
The yields of the certificate in the four banks recorded LE 685.5 million in a month.
The new certificates came as a response to President Sisi’s directions to provide social insurance to daily laborers.
President Sisi has attended a ceremony organized by the Egyptian Trade Union Federation (ETUF) on the occasion of Labor Day, which takes place on the first of May every year.
The event is attended by Prime Minister Sherif Ismail, Defense Minister Sedky Sobhy and a host of ministers and senior officials.
During the ceremony, Sisi honored ten senior members of the ETUF who have made an impact on the labor sector nationwide.
Head of ETUF Gebali al Maraghi has dedicated the ETUF’s shield to Sisi to show workers’ support for the president.