GPSSA stresses importance of cooperation in building successful pension system: UAE

GPSSA stresses importance of cooperation in building successful pension system: UAE

The General Pension and Social Security Authority (GPSSA) has implemented a retirement scheme to ensure the well-being of insured individuals and their families. The scheme provides a stable income to maintain a similar standard of living enjoyed before retirement, considering occupational risks or illnesses that may arise, particularly in old age.

As part of the "Get Ready - Proactive Financial Planning" campaign launched by the GPSSA, valuable information is being offered to customers to consider at various stages of their retirement journey, including pre-retirement, early retirement, mid-retirement, and late retirement. The UAE Pension Authority highlights multiple benefits that insured persons and their family members can avail themselves of when registered with the GPSSA.

However, to enjoy these benefits, insured individuals must meet the pension entitlement criteria and become eligible to receive compensation in the event of disability, work-related issues, or death. In such cases, insurance protection is extended to the family of the breadwinner.

Statistics from the GPSSA revealed that the total expenses in 2022 amounted to AED4,692,556,998. Out of this, AED3,967,736,834 was disbursed for retirement pension purposes, AED721,005,168 was allocated for end-of-service benefits, and AED3,814,996.80 was the cost of disability compensation, work-related injuries, and death benefits. These figures demonstrate how social insurance