Head of Pensioners Union Al Badry Farghaly said that Egypt’s Minister of Social Solidairty Ghada Wali repeatedly stressed that the insurance funds reached to 612 billion pounds but it turned out that 450 billion pounds were put into the public treasury, and also about 162 billion pounds, they told us that the debts are not proven.
He added that he will hold a meeting during the coming week to discuss the ways to take legal measures against the Egyptian minister due to her failure to pay the pensions.
However, he said, “We know that a large part of these insurance funds were allocated to businessmen, investors and companies without interest.” He added that she paid 20 billion EGP to fund the treasury at a rate of 9%, which is less than the bank benefits, and that the minister also issues decisions to provide permanent incentives to its supporters.
He added that Dr. Ghada Wali, the Minister of Social Solidarity, has worked to harass pensioners and prevent them from obtaining their constitutional rights, and refused to set a minimum pension and to increase the pension for the poor people.
He stressed, “No one would steal pension money because it is not a portfolio, while the money of the insurance has been wasted and exploited in special benefits. We call for a criminal investigation against anyone who has tampered with pension funds.
We also demand the benefits of this money because we know very well that pension funds do not exist.” He added that Article 17 of Egypt’s Constitution guarantees that the pension funds are private funds stressing that their investment must be in safe projects and their benefits must be returned to the pensioners.
Farghali said that all previous governments turned to embezzle the pension funds, saying that even the current government has robbed pensioners' money and misled citizens. Farghali added, "Instead of extending a helping hand to aged pensioners before the holy month of Ramadan, when the expenses of the [average] Egyptian family spike, funds allocated for these pensioners are going to film producers.
This shows that social welfare funds are not truly protected and secure." He explained that Wali has harmed millions of pensioners, elevated the level of congestion in the street and does not understand the political situation in the country. This only serves to turn the poor against state institutions.
Farghali called on the General Assembly of the Union to convene an emergency meeting before Ramadan in order to defend themselves and take steps to organize strikes, demonstrations and protest vigils. In his view, the minister has shown herself to be unresponsive, and there is no one to hold her to account. "Since the people are the source of authority, they must rise up to confront her.