Abu Dhabi: The social insurance tally for the UAE’s General Pension and Social Security Authority (GPSSA) came to Dh6.64 billion for the first three quarters of 2022, representing an increase of Dh704 million from last year. These expenses are covered by the GPSSA or managed under relevant retirement laws.
The value of expenses covered as per the federal pension law during this period amounts to Dh3.52 billion, while those for pensioners, civil and military beneficiaries under the Ministry of Finance was Dh3.12 billion.
A social insurance protection system for Emiratis employed in government and private sectors until they reach their retirement age is guaranteed by the GPSSA under varying circumstances. For instance, the GPSSA ensures family members of a deceased insurer or pensioner and/or an insured individual unable to work due to a work-related-injury is covered under the UAE pension law.
The law grants an insured individual who has died or permanently injured due to a work-related injury the maximum pension amount at a rate of 100 per cent, which is comparable to an employee who contributed with the GPSSA for the past 35 years; even if his/her contributions were as little as for one month alone.
The insurance umbrella extends to the pensioner or to the insured’s heirs after his/her death, and their entitlement rights are subject to the terms and conditions determined and granted by the pension law. Women have the same rights as men to distribute pension to their beneficiaries.
“Insured individuals are encouraged to continue to work for the longest period of time to earn higher insurance benefits upon retirement,” according to the GPSSA.
Employees must register with the GPSSA as per the provisions of the federal pension law to preserve their insurance benefits and the rights of their family, while familiarizing themselves with the exact contribution due each month. In the event that he/she has not been registered, the individual must immediately report that to the GPSSA.
Insurance benefits that individuals receive vary between retirement pension, end-of-service benefits and/or compensation. Social security coverage is offered for all working Emiratis against old age, disability and/or death due to a work-related injury or illness. As per Article 16 of the federal pension law, an employee is entitled to a pension if he/she completes 20 years of service and is at least 50 years of age.