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

A total value of disbursed pensions of Dh676 million for the month of October 2022 will be distributed to 45,900 pensioners and beneficiaries, the General Pension and Social Security Authority (GPSSA) has announced.

The GPSSA noted that there has been an increase of Dh63 million from October 2021, during which the value of pensions disbursed amounted to Dh613 million.

Pensioners and beneficiaries are due to receive the amount on Thursday, October 27, 2022, stated the UAE’s Pension Authority, adding that there are 45,900 pensioners and beneficiaries for the month of October 2022 compared to 43,199 during the same month last year.

These expenses include nationals subject to the provisions of the Federal Law No. 7 of 1999 for Pension and Social Security, as well as civilians and military personnel whose files the GPSSA manages on behalf of the Ministry of Finance in accordance to the pension law by which they are subject to.

A Mercer Institute report focused on measuring global pension indicators recently revealed that the UAE is ranked 25th in its annual study, which included 44 global pension systems – equivalent to 65 per cent of the world’s population. The report monitored relevant indicators regarding retirement income systems around the world, and highlighted several proposals that could contribute to providing more adequate and sustainable retirement benefits to the residents of these countries.

Hanan Al-Sahlawi, Executive Director of the Pensions Sector at the General Pension and Social Security Authority (GPSSA), said: "The UAE's 25th position according to the 14th annual Mercer CFA Institute Global Pension Index (MCGPI) report reflects the government's ongoing efforts to develop the pension system in the UAE, and reflects the distinguished performance shown by operating pension funds, whether at the organisational, operational or investment level.”

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