Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has in his capacity as Ruler of Dubai, has issued a law on Local Military Pensions and Social Security Fund in Dubai
The move seeks to support Dubai’s vision in the domain of social security and pensions, and seeks to improve the quality of services offered to its beneficiaries.
The Director General of the Department of Finance has been tasked with overseeing the administrative, technical and financial affairs of the fund. The chairman of the Executive Council of Dubai will nominate an Executive Director for the fund.
All liabilities and assets of the Local Military Pensions and Social Security Division at the department of finance will be transferred to the fund once the law comes into effect.
The new law annuls Executive Council Resolution No. (25) of 2006 pertaining to the creation of the Local Military Pensions and Social Security Division, and any other legislation that may contradict with it.
The law is effective from the date of issuance and will be published in the Official Gazette.