New project for pensioners launched in UAE
Aim is to raise the level of financial literacy and sustainability of programmes
ABU DHABI: The General Pension and Social Security Authority (GPSSA) has announced the launch of the “Advanced System for Proactive Financial Planning” project under the name of Wafra, which aims to raise the level of financial knowledge among the groups covered by pension laws.
This will be done through the implementation of training programmes, educational workshops and awareness campaigns focused on raising awareness of the principles of proactive financial planning, and the culture of savings and early investment and their impact on achieving financial and social stability for the insured and their families after retirement.
The project focuses on raising the level of financial literacy and sustainability amongst members covered by the pension laws to create a culture of proactive savings. Through taking part in various training programmes, educational workshops and awareness campaigns, participants will embrace a culture of financial proactivity, rather than solely relying on pension.
Embarking on transformational projects reflects the UAE government and its prudent leadership’s vision to adopt qualitative innovative governmental models that are catered towards future, thereby enhancing the nations competitiveness. They are also characterized by achieving a significant impact in all sectors within short time spans through various mechanisms that keep pace with global development, and are based on strengthening partnerships and integrating roles.
Transformational projects
Transformational projects highlight proactive performance and employ accelerated technology that facilitates the work of government entities to best serve the UAE community and empower individuals, thereby fulfilling the nation’s goal to become a developed cultural and social hub.
Wafra encourages competitiveness and propriety as part of the ‘We the UAE 2031’ strategic direction to build a sound nation that supports its citizens wealth during the next 10 years.
In line with the mechanisms to implement transformational projects, which are based on strengthening partnerships and achieving integrated roles, the GPSSA has signed two pivotal strategic agreements, namely with the Abu Dhabi Global Market Academy (who will offer proactive financial awareness workshops and training), and the Jahez platform (that will offer recorded interactive master classes on GPSSA’s financial proactive campaign with an intent to prepare government talent for the future, enhance contribution and consolidate global competitiveness).
Wafra aims to raise awareness regarding financial planning by 60 per cent through qualifying and training more than 10,000 insured persons, whether those include new contributors or those who have possess 20 or more employment years, in addition to eligible university students who are about to graduate and enter the labour market. The trainings aim to empower citizens with necessary cognitive skills to manage their savings.
Target groups will be encouraged to embark on practices that promote financial stability for themselves and their families, by adopting best practices as advised by the Ministry of Human Resources and Emiratisation, the Federal Authority for Government Human Resources, business owners in the government and private sector, higher education institutions in the UAE, as well as the media.
Wafra was executed in three phases. The first phase began in November 2023 with the financial planning programme, which was launched in accordance to targeted education and job categories. This was followed by approving awareness programmes on savings and investments in January 2024 in coordination with relevant authorities until this present day.
The project’s themes include recognising an individual’s personal life, desires and needs, and integrating that knowledge into a sustainable financial decision process, while educating the public on financial terms for various products and services to help enhance the cognitive planning process amongst individuals when planning for the future, whether at the level of savings or investment. Some of the topics that participants will learn more about include, money management, debt management, financial terminologies, overcoming financial challenges, and the important role financial assistance and advise provides in correcting, improving and directing people towards optimal money management and investment procedures.
The project also focuses on introducing the benefits and privileges GPSSA’s laws provide in terms of improving retirement options, available investment options, the wealth management process and options that contribute to supporting people’s lives financially after retirement; raising awareness on life’s requirements after retirement, understanding future needs and the role of early financial planning in order to achieve those needs upon reaching the post-retirement stage.