Pvt investment in water, power sectors allowed

He stated this during the Federal National Council (FNC) session in response to the Council Member Yusuf Obaid Al Nuaimi's question regarding the shortage of power supply in the Northern Emirates.

The minister also stated in a written reply that there was no shortage of power supply currently, nor will there be in the future because the government has taken into consideration the future expectations until the year 2020.

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Meanwhile, the FNC yesterday also called for making radical changes in the Federal Law No. 7 of 1999 on pensions and social security.

The session, presided over by FNC Speaker Abdul Aziz Al Ghurair, was also attended by Minister of State for Financial and Industrial Affairs Mohammed Khalfan bin Kharbash and Minister of State for FNC Affairs Dr Anwar Gargash.

The members argued that the recent amendments to the Pensions and Social Security Law has not had any impact on the lives of the nationals, nor had they improved the financial status of retired people. Another negative aspect was that the pensions were not linked to the levels of inflation and the high cost of living.

The Council enjoys a strong financial position due to the curtailment of its administrative expenses by 1.7 per cent, which is a major achievement, Dr Kharbash said.

He assured the members that they need not worry about the General Authority for Pensions and Social Security which did not consider the six recommendations of the actuarial study that called for an increase in the subscription fees in the pension system.

He said the authority had approved only one recommendation, which is the extension of the service to not less than 20 years for the male employee and 15 years for the female employee in order to be able to curb the phenomenon of retirement at an early age.

The entitlement was raised by 60-70 per cent from the average salary of the last three years of the pensioner, said Sultan Al Ghaith, Director-General of General Authority for Pensions and Social Security. He added that the early retirement for those who have spent 15 years in service will be allowed if there is any genuine reason.