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المصري اليوم
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Mohamed Meait Condemns 20-Year 500 Pound Retirement Reward
The article discusses statements made by Dr. Mohamed Miteb, the former Egyptian Minister of Finance, regarding the pension and social security funds crisis. Miteb emphasized that freezing the insurance wage at 500 Egyptian pounds for 20 years is a "crime" that led to a decline in pension values and had a negative impact on the standard of living for retirees. He pointed out that this freeze created a significant gap between the actual salary of citizens after retirement and their pensions, as a result of government policies aimed at reducing costs. He also mentioned that the establishment of the National Investment Bank in 1980 and the financing of the investment plan from it resulted in pension funds being turned into mere accounting entries without real returns. Miteb stressed the importance of managing social security funds independently of the general treasury to maximize returns and protect the rights of beneficiaries.
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