The United Arab Emirates (UAE) announced it will disburse over Dh760 million ($207 million) in pensions for the month of February. This disbursement caters to Emirati retirees who fall under the regulations of Federal Law No. 7 of 1999 concerning Pension and Social Security, along with other eligible beneficiaries managed by the General Pension and Social Security Authority (GPSSA) on behalf of the Ministry of Finance.
The announcement comes alongside a reported increase in the number of eligible beneficiaries. Compared to February 2023, with 45,944 individuals receiving pensions, this month sees a rise of 1,780, bringing the total number of eligible recipients to 47,724. This growth underscores the expanding scope of the UAE's social security system.
The news coincides with recent amendments to the UAE's retirement law implemented by the Abu Dhabi Pension Fund. These amendments introduce new benefits and raise the employer contribution rate towards employee pensions. As of October 31, 2023, entities hiring Emirati employees are now mandated to contribute 26% of their employee's income towards their pension, reflecting the government's commitment to strengthening the country's social safety net.
The timely distribution of pensions highlights the UAE's dedication to ensuring the well-being of its citizens. The increasing number of beneficiaries and the recent amendments to the retirement law demonstrate the government's ongoing efforts to enhance and expand its social security programs, providing financial security and stability to Emirati retirees.