Cairo – Mubasher: Egypt's Minister of Public Business Sector, Hisham Tawfik, and Minister of Manpower, Mohamed Saafan, witnessed the signing of an end-of-service benefit agreement with the employees of the under-liquidation Egyptian Iron and Steel (Hadisolb).
Under the agreement, all labour lawsuits against the company will be dropped and each worker will receive a lump sum payment of EGP 14,000 for each year in service at a maximum amount of EGP 450,000, in addition to end-of-service rewards and other benefits, according to a statement on Thursday.
The minimum amount of total rewards and benefits is EGP 225,000.
In January, the extraordinary general meeting (EGM) of Hadisolb decided to liquidate its steel plant and spin off its mining operations.
During the first quarter (Q1) of fiscal year 2020/2021, Hadisolb incurred net losses of EGP 274.48 million, down from EGP 367.8 million in the year-ago period.
