First and foremost we would like to thank to the guidance continuously provided by His Highness, Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai - Minister of Finance - Chairman of Board of Directors of the Authority, GPSSA is exerting efforts toward developing its offered services in a way that enabled it to avoid a number of challenges that were hindering the disbursement of the security and pension entitlements, being either salaries or bonuses. In fact, the Authority succeeded at enabling the disbursement of such allocations within seven working days as of receiving the insured’s folder whose service has ended and that, given all the documents required for completing the disbursement process, all the while stressing on the importance of raising the importance of both the employers and employees on the required procedures or benefits due in favor of the insured prior to the end of their service. 

Furthermore, the representatives of the Authority noted that the Law No. (7) of 1999 on Pension and Social Security which the Authority is responsible for its implementation is inclusive of both the governmental and private sector’s employees, including the members of the council of ministers and the Federal National Council. They also noted that the Authority, being the retirement fund allocated for both the current and prospective generations, is being challenged, among the major challenges and obstacles, in terms of its ability to meet and offer the benefits duly stipulated by law, including the current and prospective salaries and bonuses. Hence, the financial sustainability achievement is a must, and such step completion may not be possible unless with the wise management, funds’ investment, good implementation of the provisions stipulated by law, and the periodical examination of the status of the Authority’s financial center, among others and that, especially that the benefits and privileges offered by the Law on Pension and Social Security are very generous in comparison with the shares in contributions. Hence, it is necessary to review such provisions as to ensure the preservation of the rights of the subscribed and the achievement of the Authority’s financial sustainability, being two aspects listed under the Draft

Law.

Mohamed Saif AlHamli

General Pension & Social Security Authority