Abu Dhabi: The General Pension and Social Security Authority (GPSSA) has convened its sixth Board of Directors meeting. It was chaired by Mr. Mubarak Rashed Al Mansoori, Chairman of the Authority’s Board of Directors.
The council members have approved the minutes from the last meeting and reviewed the agenda for follow-up management regarding suggestions and recommendations.
The GPSSA is responsible for applying pension and retirement benefits for Emiratis working in the public or private sector in the UAE or GCC Region.
The committee gave its approval and finalized decisions regarding the Supreme Committee for Human Resources and Rewards, the Investment Committee, as well as the Internal Audit and Risks Committee. Additionally, they gave the green light for the financial statements for the first and second quarters of 2023.
The board members reviewed the investment performance reports until 2023, GPSSA’s corporate performance executive summary for the first half of 2023, and other topics on the agenda and appropriate decisions concerning each.
The latest statistics show that, as of August 2023, the GPSSA has 111,735 registered insured members, compared to 89,329 in the same month last year.
In contrast, the number of employers and entities has increased to 11,865 compared to 7,612 in August 2022.
In August 2023, the registration of pensioners increased to 19,685 from 18,752 last year, while the number of beneficiaries decreased to 8,458 from 8,499 for the same month last year.
The value of insurance expenses as of August 2023 amounted to $112 million, compared to $123 million for the same month last year.