Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday approved the organisational structure for the General Pensions and Social Security Authority (GPSSA).
The new structure aims to regulate the authority's work and activities, setting rules for insurance protection to be extended to include citizens of GCC countries.
Specialists
According to the new structure, the authority will have four executive directors, operation centres in Abu Dhabi and Dubai, and business units for investment, risk assessment and internal auditing.
Under the structure, the business units are mandated to execute terms for civilians' pension and retirement compensations, setting rules for extending insurance coverage to GCC citizens working outside their countries and putting in place a system for the exchange of insurance benefits among the pension funds in the country.
The new structure also includes the jurisdictions and duties of the authority's board, involving proposing draft laws pertaining to pensions and social security, developing plans for investing GPSSA funds, passing the internal auditing charter, submitting annual performance reports to the Cabinet, approving strategic and operational plans for Cabinet approval and hiring experts and specialists to examine the authority's financial position.
The board will form executive and internal auditing committees from its members. Both committees will report to the board of directors.
The organisational structure defines the duties and powers of the GPSSA director-general, who will be assisted by four executive directors for operations, information technology systems, financial and administrative affairs, and investment, in addition to a bureau for strategic planning.
Four organisational units, a share investment unit, a fixed income investment unit, an alternative investment unit and investment strategy and risk unit will report to the executive director.
It also provides for the setting up of two operation centres in Abu Dhabi and Dubai to handle the registration of business owners in the public and private sectors, to oversee the collection of their monthly contributions, to merge and buy back service terms and to issue insurance entitlements.
