CAIRO, Apr 28 (Aswat Masriya) – The Egyptian president announced on Thursday in a speech celebrating Labor Day the allocation of EGP 100 million to an emergency fund affiliated with the ministry of manpower.

The fund is meant to aide companies in the distribution of wages on their labor and to guarantee against potential layoffs.

"The state encourages the efforts of the private sector and supports it through the unified investment law and a batch of other laws," President Abdel Fattah al- Sisi said in his speech, adding that the government works to fight corruption and counter rising prices as well as support regulatory bodies.

The president further mentioned that there were initiatives to establish industrial cities in addition to a focus on small enterprises that creates jobs and contributes to the increase in exports.

Sisi also mentioned the need to include individuals with special needs in the labor market and called on businessmen to adhere to the 5 per cent allocated for those with special needs.  

Egypt celebrates Labor Day as an official holiday on May 1 each year.

The celebration dates back to 1869 when workers in the U.S. demanded the reduction of working hours to 8 hours per day. Since then, the day has been marked to celebrate and renew workers' demands.