CAIRO: The state should establish an independent authority in charge of investing the social insurance fund so that the return can benefit its true owners, said Mervat al-Telawy, chairperson of the National Council for Women (NCW) on Tuesday.
Telawy added that she was the first to refuse using the social insurance fund to resolve the budget deficit during Mubarak’s regime, describing it as a legal and constitutional violation since the funds are considered private and should not be used in public investment.
According to Telawy, the NCW was able to amend Article 16 of Egypt’s constitution related to the social insurance fund during their participation in the drafting of Egypt’s new constitution. She added that the amendment was to ensure citizens’ rights to the social insurance fund in case of disability, unemployment or aging.
A investigation was launched recently regarding the use of the social insurance fund in government spending after media reports accused the government of confiscating public social insurance funds to use in its annual budget.