Majid Bin Theneya Ramadan Majlis hosts GPSSA to discuss retirement and social security issues

Abu Dhabi, 10^th April 2023 – The Majid Bin Theneya Ramadan Majlis, hosted by Her Excellency Maryam Majid bin Theneya, member of the Federal National Council, in collaboration with the General Pension and Social Security Authority (GPSSA) discussed a number of issues related to insurance, retirement and social security, highlighting the numerous insurance benefits acquired to participants as per the UAE pension law, which guarantees the stability and security of Emirati families and society, with zero risks involved.

Acknowledging the UAE pension law and its amendments is a pivotal step towards securing a decent futuristic lifestyle for GPSSA’s members, given that enough adherence and attention is made towards comprehending the limitless awareness campaigns conducted by the GPSSA on constant basis.

The Majlis, which was hosted by Her Excellency Maryam Majid bin Theneya, member of the Federal National Council, was attended by Dr. Tariq Humaid Al Tayer, Chairman of the Financial, Economic and Industrial Committee and other members of the committee namely: Meera Sultan Al Suwaidi, Saeed Rashid Al Abdi, Marwan Obaid Al Muhairi, Ahmed Hamad Bushhab, Khalid Omar Al Khazraji, in addition to Her Excellency Naema Abdulrahman Al Mansouri, and Her Excellency Sara Mohammad Amin Falaknaz, members of the Federal National Council.

Also present at the Majid Bin Theneya Ramadan Majlis were His Excellency Faras Al Ramahi, GPSSA’s Director General; Mohammed Al Khayat, Executive Director, Digital IT Sector; Hind Al Suwaidi, Insurance Benefits Management Department Head and Acting Executive Director of the Pension sector; Mohamed Saqer Al Hammadi, Pension Operations Department Head and Dr. Maysa Rashed Ghadeer, Government Communications Office Head, alongside a number of GPSSA employees.

Her Excellency Maryam Majid bin Theneya welcomed the attendees at the beginning of the Majlis and said: “During my presence at the Federal National Council and during the council’s membership electoral campaigns, retirement was the most prominent topic in all the electoral programs amongst the candidates, so it was necessary to discuss this issue that concerns every Emirati individual and home, especially since issues surrounding retirement and pensioners is currently the most spoken about and prevalent topics on social media platforms and the news.”

During the session, attendees emphasized the fact that insured individuals are considered partners in preserving sustainability for GPSSA’s resources, highlighting the fact one of the most risky practices for pension funds is an insured’s early retirement from years of service, since this results in the depletion of pension fund resources that serve as an insured individuals contributions, which are considered pivotal investment resources that increase with time and correlate with an insured individual’s average retirement age, serving as a major enabler towards fulfilling a pensioners obligations for long decades to come.

The majlis also raised the importance of maintaining an effective communication channel between the Human Resources Department and insured employees across various entities in order to elevate knowledge and understanding of the pension and social security law, while enhancing a culture of proactive retirement planning through taking advantages of GPSSA’s services, especially since the GPSSA delivers diverse and numerous awareness workshops and campaigns about the law throughout the year, with friendly-user electronic and proactive services available on the website, and more to come after the launch of GPSSA’s digital transformation platform, which provides endless self-service benefits for insured individuals and entities, some of which includes following up on contribution payments, accessing purchase services, obtaining a better understanding of pension eligibility and the ability to calculate pension and bonus, amongst other insurance services. Also highlighted by the majlis was the need to keep pace with the pension and social security law and the UAE’s Emiratization efforts in providing Emiratis with diverse job opportunities through encouraging their employment in the private sector through the support of the Nafis program, in which the government pays monthly salary contributions on behalf of the employer.

Participants at the Majid Bin Thaniya Ramadan Majlis also suggested the need for insured individuals to plan for their post-retirement stage both financially and socially, pointing out that an insured should not reach the retirement stage without having a plan in place that qualifies him/her to retire in a safe and secure manner; a plan that enables the individual and his/her family to receive a suitable income that enables them to live decently, especially given today’s high cost of living.

Members of the majlis compared the federal and local pension laws in the UAE with other laws governing the GCC region, in addition to various pension schemes across the world, and discussed the advantages of the different laws as well as the insurance benefits they provide in exchange for the generous reimbursements provided by the UAE’s Federal Pension Law for insured individuals, especially for women and beneficiaries.

The Board clarified that they will continue to work towards persevering and developing pension funds and assets in return to fulfilling obligations expected out of members and their entities, and that these contributions result in benefits for an indefinite period of time, and are paid to insured Emiratis and their families upon retirement and even after their decease.