UAE pension authority records surge in subscribers

The UAE's pension scheme for Emirati employees in private firms has seen record subscribers for the month of June.

Releasing the stats, the General Pension and Social Security Authority (GPSSA) said the number of "contributors" rose to 104,038, marking a significant increase compared to 87,982 contributors during the same period last year.

Moreover, registered employers rose from 7,451 in the previous year to 10,568.

The report further disclosed that pensioners reached 19,548, compared to 18,318 in June 2022. Similarly, the number of beneficiaries stood at 8,368, showing a slight decline from the 8,432 beneficiaries recorded last year.

In terms of insurance expenses, the data indicated that the value of expenses in June 2023 amounted to AED 397,799,391, higher than the AED 396,086,188 reported during the corresponding period the previous year.

These statistics were unveiled during the fifth board meeting for 2023, chaired by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs and Chairman of the Board of Directors at GPSSA.

According to the UAE pension law, both employers and employees must register and contribute on time.