Abu Dhabi [UAE], November 26: Mubarak Rashed Al Mansoori, Chairman of the Board of Directors at the General Pension and Social Security Authority (GPSSA), presided the 7th Council meeting for 2023 held at the GPSSA Abu Dhabi headquarters.
The Council discussed its agenda, approving the minutes of the previous meeting and the management follow-up agenda for decisions and recommendations taken by the Investment Committee affiliated with the Council.
The new Pension and Social Security Law issued as per the Federal Decree Law No. (57) of 2023 was highlighted during the meeting, with the aim of achieving financial sustainability, while attaining GPSSA's vision to create a pioneering and distinguished pension system in accordance with the best retirement practices.
The Council then directed GPSSA's management to clarify the most important aspects of the new law to business partners and employees working in various UAE-based cooperation's, with emphasis on new employees who have joined the workforce as of 31st October 2023, while existing GPSSA contributors continue to retain their acquired rights under the current Pension Law No. (7) of 1999. Furthermore, Al Mansoori directed the administration to provide the best digital services to GPSSA's registered pensioners.
GPSSA's draft annual budget for 2024 was highlighted and approved, alongside the reconstitution of one of its subsidiary committees, namely the Supreme Committee for Human Resources and Rewards. Appropriate decisions going forward regarding the digital transformation project and other pivotal topics on the agenda were also reviewed and highlighted. The Council then moved on to discuss other topics on its agenda and took appropriate decisions regarding them.
The GPSSA's statistics as of October 2023 indicate that there are currently 122,570 contributors, an evident increase of 31,309 individuals compared to 91,261 contriutors for the same period last year. There are 12,792 employers registered with the GPSSA, indicating an increase of 4,944 entities, compared to 7,848 for the same month last year.
Additionally, the number of pensioners increased by the end of October 2023 to 19,822 in comparison to 18,888 for the same period last year, and the number of beneficiaries decreased to 8,320 compared to 8,489 for the same period last year
GPSSA's insurance expenses for the month of October 2023 increased to Dh421,093,085, an increase amounting to Dh26,839,939 compared to Dh394,253,146 for the same period last year.
Source: Emirates News Agency