The General Pensions and Social Security Authority said that the UAE has a number of retirement funds that provide insurance services to citizens working in the civil and military sectors, and these funds play an important role in providing financial and social security for citizens and their families.
The Authority stressed, as part of its efforts to raise the level of insurance awareness among the insured working in the country within the “Know the Law” awareness campaign, that it is important to introduce retirement funds in the UAE, as the main funds for retirement and social insurance that cover citizens working in the civil sector in the country are the Authority. The General Pensions and Social Security Fund, which is a federal entity, the Abu Dhabi Retirement Fund, which is a local entity in the Emirate of Abu Dhabi, and the Sharjah Social Security Fund. The General Pensions Authority and the Abu Dhabi Retirement Fund manage some files of the military sectors, while others have their own retirement funds.
The authority added that any insured person in the country should know the retirement fund to which the provisions of its law apply and who is covered by it, especially since this knowledge will make it easier for the insured person to view the insurance benefits provided by the retirement funds to which he will be subject according to the employer he joins, in addition to Knowing his obligations regarding contributions according to the law applied by the Fund and the subsequent retirement benefits and insurance benefits, given that there are differences between the laws of the three Funds.
She said that this knowledge contributes to encouraging the insured to take preventive measures to improve the sustainability of their financial situation, so that they are more prepared to think about planning for the post-retirement stage, and this is something that can only be achieved with awareness of the importance of insurance and knowledge of its laws and provisions.
The General Authority for Pensions and Social Security, as a federal body, is entrusted with implementing three laws: the first of which is Federal Law No. 7 of 1999 for Pensions and Social Security and its amendments. This law includes employers in the country, whether federal, local, or private, and the insured persons enrolled therein before October 31, 2023. The second is Law No. (57) of 2023 regarding pensions and social insurance, which includes employers in the country, whether federal, local, or private, and insured persons enrolled therein after October 31, 2023. Both previous laws exclude employers and insureds in the sector from inclusion in their provisions. The local government and private sector in the Emirate of Abu Dhabi, as well as employers and insured persons in the local government of the Emirate of Sharjah.
As for the third law, it is the law regarding the unified system for extending insurance protection. The UAE began implementing the law on 1/1/2007, by Cabinet Resolution No. 18 of 2007, which was issued by the Council of Ministers on July 22, 2007, where the decision specified the General Authority for Pensions and Social Security As an implementing body for this system in the country, the law includes all citizens of the Gulf Cooperation Council countries working in the civil sector in employers in the government and private sectors in the UAE, as well as citizens of the country working in the Gulf Cooperation Council countries, and inclusion is in accordance with the controls and provisions specified by the law.
As for the Abu Dhabi Retirement Fund, the Fund applies Law No. (2) of 2000 regarding civil retirement pensions and benefits for Abu Dhabi and currently includes retirees with the Fund, while Law No. (18) of 2023 amending some provisions of Law No. (2) of 2000 regarding Civil retirement pensions and benefits in the Emirate of Abu Dhabi for insured persons who are currently working and new insured persons. These laws include employers and insured persons in the local government of the Emirate, as well as employers in the private sector and their workers.
As for the Sharjah Social Security Fund, it is concerned with implementing Law No. (5) of 2018 regarding social security in the Emirate of Sharjah, and it includes employers in the local government of the Emirate of Sharjah and its workers, while it includes the private sector and its workers in the emirate at the Pensions Authority.
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