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UAE General Pension and Social Security Agency (GPSSA) It said on Thursday it had approved a draft 2023 annual budget at its sixth board meeting.
In a statement, it said the authorities were preparing to submit the draft budget to Cabinet for approval.
“The board reviewed and approved the financial statements for the second quarter of 2022, discussed and approved GPSSA’s draft annual budget for 2023 in preparation for submission to Cabinet for approval,” the authority said.
This Retirement Income System in UAE The Mercer CFA Institute Global Pension Index improved, ranking 25th out of 44 countries with long-term pension systems, including the United States, Singapore and France.
The survey said the overall ranking reflects the “robust structure” of the country’s pension system for Emiratis, with mandatory contributions set aside in both the public and private sectors for employees’ tenure, which for the second time includes the UAE for a year in a row.
In the UAE, pensions for Emiratis are administered by different agencies, such as the Abu Dhabi Pension Fund, the Sharjah Social Security Fund and the General Pension and Social Security Authority (GPSSA).
While Abu Dhabi has its own pension scheme, GPSSA is the federal agency that administers pensions in the rest of the UAE.
Emiratis working in government and private sector Eligible for pensions and other retirement benefits After reaching the retirement age of 49 or having served at least 20 years, according to the UAE government.
Statistics from GPSSA for October showed that the number of employers registered with the agency increased to 8,080, compared to 7,149 in the same month last year. The number of contributors also rose to 89,496 in October, compared to 86,799 a year earlier.
The number of pensioners affiliated with the agency rose to 18,888 from 17,236 in October 2021, while the number of beneficiaries rose to 8,489 from 8,081 in the same period.
Insurance payouts for insureds, pensioners and beneficiaries of GPSSA in October were AED389.3 million compared to AED390.5 million in October 2021.
The UAE said this week that federal government and private sector employees must subscribe to its New Social Security Support Scheme From January 1, 2023.
Investors, such as owners of establishments where they work, domestic helpers, part-time employees, workers under 18, and retirees receiving pensions and joining new jobs, will not be covered by the insurance plan.
National Bonds, a Shariah-compliant savings and investment company Owned by Dubai Investments, it launched a gold pension scheme in October to help Private sector expatriate employees Invest in their end-of-service benefits.
Pension scheme expected to help employees in UAE Bridge their retirement savings gap As well as supporting employers to fund their end-of-service financial commitments.
Updated: November 3, 2022 at 2:55 pm
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