Latest news with #GeneralPensionandSocialSecurityAuthority
Gulf Today
19-07-2025
- Business
- Gulf Today
Pension body launches second phase of ‘Wafra' programme
The General Pension and Social Security Authority (GPSSA) has launched the second phase of the 'Advanced Proactive Financial Planning System' project, called 'Wafra'. Developed in partnership with the Emirati Talent Competitiveness Council through the NAFIS programme, 'Wafra' focuses on enhancing financial literacy among NAFIS beneficiaries who are covered by the UAE pension laws, empowering them to build a more secure financial future in the private sector. This initiative highlights GPSSA's commitment to nurturing national talent and improving the financial and social stability of UAE nationals. It is part of the third cycle of transformative projects for federal government entities for 2024-2025. It also embodies the leadership's commitment to adopting innovative, human-centric government models that enhance the UAE's global competitiveness. The project directly contributes to the UAE government's ambitious goals of cultivating a more prosperous society over the next decade, aligning seamlessly with the 'We the UAE 2031' vision. The programme equips Emiratis with essential financial knowledge through specialised training programmes and awareness campaigns available via the NAFIS digital platform. The platform ensures that a wide group of Emirati talent, including private and banking sector employees, jobseekers in the local market, and university students, can access its benefits. The second phase of the 'Wafra' programme focuses on core themes that address the needs of NAFIS beneficiaries. It aims to educate participants about GPSSA's laws and the benefits they offer, empowering them to make better retirement choices and plan for their future. The programme also provides guidance on investment options and effective wealth management strategies post-retirement, highlighting the importance of early financial planning to ensure a stable and secure future. Through the 'Wafra' project, GPSSA aims to raise financial planning awareness by 80 percent. GPSSA works in partnership with the Ministry of Human Resources and Emiratisation and the Emirati Talent Competitiveness Council, leveraging the NAFIS platform and various media channels. WAM
Gulf Today
08-07-2025
- Business
- Gulf Today
Employers warned against late payments to GCC nationals
The General Pension and Social Security Authority (GPSSA) has urged employers to ensure the timely payment of contributions for GCC nationals working in the UAE. These contributions are necessary for employees under the Unified Protection Extension System, which guarantees GCC nationals working in any GCC country to receive the same social security coverage as they would in their home country. Effective 1st July 2025, GPSSA will begin implementing penalties on employers who delay the payment of due contributions for their GCC national employees. These penalties will be applied in accordance with the deadlines specified by federal pension laws in the UAE, and are considered a rightful entitlement of the pension authorities in the employee's home country. Contributions are due on the first day of the month following the period for which they are owed, with a grace period extending until the 15th of that month. For example, contributions for July 2025 must be remitted to GPSSA between 1st August and 15th August 2025. A daily penalty of 0.1 per cent of the outstanding contributions will be charged for each day of delay, starting from the 16th of the month, without prior warning or notification. This decision activates Article 12 of the Protection Extension System Law and aligns with the outcomes of the 23rd meeting of the Committee of Heads of Civil Retirement and Social Insurance Agencies in GCC countries. This article mandates the pension authority in the host country to pursue delinquent employers and take legal action to collect contributions and penalties on behalf of the employee's home country pension authority. The Protection Extension System is mandatory, under which employees are required to register their GCC national employees in both the government and private sectors and remit contributions according to the insurance system of the employee's home country. The employer's share of contributions should not exceed the employer's contribution share in the host country, with any difference in contributions to be borne by the GCC national employee. The system was established under Cabinet Resolution No. 18 of 2007 to regulate social security protection for GCC nationals working outside their home country within any GCC member state. GPSSA oversees its implementation in the UAE.
Al Etihad
07-07-2025
- Business
- Al Etihad
GPSSA enforces late payment penalties on GCC employees
7 July 2025 13:39 ABU DHABI (WAM)The General Pension and Social Security Authority (GPSSA) has urged employers to ensure the timely payment of contributions for GCC nationals working in the contributions are necessary for employees under the Unified Protection Extension System, which guarantees GCC nationals working in any GCC country receive the same social security coverage as they would in their home July 1, 2025, GPSSA will begin implementing penalties on employers who delay the payment of due contributions for their GCC national penalties will be applied in accordance with the deadlines specified by federal pension laws in the UAE, and are considered a rightful entitlement of the pension authorities in the employee's home are due on the first day of the month following the period for which they are owed, with a grace period extending until the 15th of that month. For example, contributions for July 2025 must be remitted to GPSSA between August 1-15, 2025. A daily penalty of 0.1 percent of the outstanding contributions will be charged for each day of delay, starting from the 16th of the month, without prior warning or decision activates Article 12 of the Protection Extension System Law and aligns with the outcomes of the 23rd meeting of the Committee of Heads of Civil Retirement and Social Insurance Agencies in GCC article mandates the pension authority in the host country to pursue delinquent employers and take legal action to collect contributions and penalties on behalf of the employee's home country pension Protection Extension System is mandatory, under which employees are required to register their GCC national employees in both the government and private sectors and remit contributions according to the insurance system of the employee's home country. The employer's share of contributions should not exceed the employer's contribution share in the host country, with any difference in contributions to be borne by the GCC national system was established under Cabinet Resolution No. 18 of 2007 to regulate social security protection for GCC nationals working outside their home country within any GCC member state. GPSSA oversees its implementation in the UAE.
Hi Dubai
26-06-2025
- Business
- Hi Dubai
GPSSA Board Approves Investment Strategy as Contributors and Employers Rise
Mubarak Rashed Al Mansoori, Chairman of the General Pension and Social Security Authority (GPSSA), led the board's third meeting of the year on June 25, 2025, where key decisions were made on investment strategies and budget approvals amid a notable rise in contributors and registered employers. During the session, held in the presence of board members and subsidiary committees, Al Mansoori welcomed attendees before discussions began on the meeting agenda. The board reviewed and approved the minutes of the previous meeting, along with leadership decisions and committee recommendations from the Human Resources, Investment, Audit and Risk, and Development teams. Central to the meeting was the approval of the investment sector's strategy and GPSSA's final budget for 2024, aligned with endorsements from the UAE Council of Ministers. The board also reviewed GPSSA's financial performance report for April 2025 and updates on the Ma'ashi digital platform. Latest statistics from May 2025 show an increase in GPSSA contributors to 157,979 — up by over 27,000 from the same period last year. Employer registrations also rose to 20,288, an increase of 3,762. The number of pensioners reached 21,417, while the value of pensions disbursed in May 2025 amounted to AED478.7 million, reflecting a year-on-year increase of AED27.4 million. Beneficiaries also rose slightly to 8,408. The figures underscore ongoing growth in the UAE's pension and social security landscape, as GPSSA continues to strengthen its strategic and operational frameworks. News Source: Emirates News Agency
Gulf Today
24-06-2025
- Business
- Gulf Today
Pension for June to be disbursed on June 25, announces GPSSA
The General Pension and Social Security Authority (GPSSA) announced that pension payments for June 2025 will begin disbursement on Wednesday, June 25, pointing out that payments will be directly deposited into beneficiaries' bank accounts starting tomorrow. The total pension payout for this month amounts to Dhs834,511,656.49, compared to Dhs782,578,834.21 in June 2024, marking an increase of Dhs51,932,822. The number of beneficiaries this June amounted to 49,984, up from 48,335 in the same month 2024, reflecting an increase of 1,649 beneficiaries. GPSSA urges retirees and eligible beneficiaries to regularly update their data with both the Authority and their banks to ensure timely pension disbursements. It also emphasises the importance of using the electronic services available on "Maashi" platform, such as data updates, pension inquiries, certificate requests, and other services designed specifically for retirees. It is worth noting that these payments cover civilians subject to the provisions of pension and social security laws administered by the Authority, as well as beneficiaries managed by the Authority on behalf of the Ministry of Finance under their respective pension laws.
