The centre for Trade Union and Workers Services (CTUWS) stated that on Sunday, October 3, the Economic Court considered the case brought by a number of shareholders in the Egyptian Iron and Steel Company, who requested that the decision to liquidate the company be annulled and its implementation suspended.
Similarly, the complainants requested appointing experts in industry and finance to re-evaluate the company’s conditions and discuss the possibility of a public listing, and to evaluate the offers made in this regard. The case was adjourned until November 1.
It is worth noting that a collective agreement was signed between the Ministry of Business and the Ministry of Manpower on September 30, 2021, stipulating that workers in the Egyptian Iron and Steel Company would be able to receive a complementary end-of-service grant, in the event of voluntary service leaving before reaching the legal retirement age.
The agreement also provided for a waiver of all lawsuits and arbitration lawsuits filed against the company related to the rights and entitlements of employees. While the company is obligated to pay an amount of 14,000 pounds (about 891 US dollars) to each worker in the company, for each year of active service, up to a maximum of 450,000 pounds, in addition to the financial compensation for the holiday balance.
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