General Pension and Social Security Authority approves draft annual budget for 2023

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs and Chairman of the Board of Directors of the General Pension and Social Security Authority (GPSSA), chaired the sixth board meeting on Wednesday, as he reviewed numerous decisions and suggestions.

The board analysed and approved the financial statements for the second quarter of 2022, discussed GPSSA's draft annual budget for 2023, and approved it in preparation for submission to the cabinet (for further approval).

They also reviewed the developments of the digital transformation programme, discussed other topics on its agenda, and took appropriate decisions.

GPSSA's statistics for October 2022 indicate an increase in the number of employers registered with the Authority to 8,080, as compared to 7,149 employers in October 2021. The number of contributors increased to 89,496, as compared to 86,799 for the same period last year.

The number of pensioners affiliated with the Authority reached 18,888, as compared to 17,236 in October 2021, while the number of beneficiaries reached 8,489, in comparison with 8,081 last year.

Insurance expenditures for insured individuals, pensioners and beneficiaries with the GPSSA amounted to Dh389,318,943 in October 2022, as opposed to Dh390,580,332 in October 2021.

ALSO READ:

• UAE: Pension authority denies rumours about merging service period

• UAE: Dh676 million in pensions to be disbursed to 45,900 people

• UAE ranks 25th in the global pension indicators, says report

• UAE