Breaking: Abu Dhabi's Pension Authority Surges with Jaw-Dropping Increase in Contributors and Employers

Breaking: Abu Dhabi’s Pension Authority Surges with Jaw-Dropping Increase in Contributors and Employers

GPSSA Reports Notable Increase in Contributors and Employers for June 2023

The General Pension and Social Security Authority (GPSSA) in Abu Dhabi has revealed an impressive surge in contributors and registered employers based on the statistics released for June 2023. The number of contributors rose significantly to 104,038, compared to 87,982 during the same period last year. Additionally, registered employers increased from 7,451 in the previous year to 10,568 by June 2023.

The report also showed an upward trend in pensioners, reaching 19,548 by June 2023, as compared to 18,318 in June 2022. However, the number of beneficiaries experienced a slight decline, standing at 8,368, compared to 8,432 during the same period last year.

In terms of insurance expenses, the data revealed an increase, with expenses reaching Dh397,799,391 in June 2023, up from Dh396,086,188 reported in the corresponding period in the previous year.

The GPSSA’s 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, unveiled these encouraging statistics. The meeting covered a range of important topics, including discussions on past decisions and recommendations by the board, as well as the approval of decisions and recommendations presented by sub-committees.

During the meeting, the board also reviewed and approved GPSSA’s final financial statements for 2022, which are set to be submitted to the UAE Cabinet Ministers for final approval. Additionally, the board examined the investment performance report for 2022 and the first half of 2023.

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The surge in contributors and registered employers reflects growing trust in GPSSA’s services, highlighting its commitment to providing financial security and pension benefits for UAE citizens. The authority’s prudent decision-making and dedication to stakeholders’ welfare ensure a secure and prosperous future for all.

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