GPSSA Board Evaluates Digital Shift And Investment Outcomes In Recent Meeting

Mubarak Rashed Al Mansoori, Chairman of the Board of Directors for the General Pension and Social Security Authority (GPSSA), led the third board meeting of 2024 today. The session opened with a review and approval of the minutes from the previous meeting, setting the stage for discussions on several critical topics. Among these were the progress of the digital transformation project, investment performance, financial outcomes for March 2024, and an overview of GPSSA's corporate achievements in 2023.

The board also gave its nod to the draft executive regulations of Federal Law No. (57) of 2023 concerning pension and social security. This was part of a broader agenda aimed at enhancing the operational framework and service delivery of the GPSSA. The meeting underscored the authority's commitment to improving its systems and processes to better serve its stakeholders.

Significant growth metrics were shared during the meeting, illustrating a positive trajectory in GPSSA's operations. As of March 2024, the number of contributors registered with GPSSA saw a substantial increase to 134,902, up from 99,263 in the previous year. This growth reflects a broader engagement with the pension and social security system among the workforce.

The number of registered entities or employers also saw an uptick, rising from 11,926 in the previous year to 15,615 by March 2024. This indicates a growing compliance and participation among businesses in ensuring their employees are covered under the pension and social security schemes.

Furthermore, the meeting revealed that the number of pensioners had increased to 20,350 from 19,366 in March 2023. However, there was a slight decrease in the number of beneficiaries, from 8,439 last year to 8,338 in the same period this year. Despite this minor fluctuation, the overall trend points towards an expanding base of individuals benefiting from GPSSA's services.

Financially, GPSSA demonstrated robust performance with insurance expenses for March 2024 amounting to AED 446,320,042. This represents an increase from AED 415,371,125 for the same month in the previous year. Such financial data not only reflects the authority's solid fiscal management but also its ability to sustainably support its growing number of beneficiaries.

The discussions and decisions taken during this board meeting highlight GPSSA's ongoing efforts to adapt and thrive amidst evolving challenges. By focusing on digital transformation, regulatory enhancements, and financial stability, GPSSA is positioning itself as a resilient and responsive entity ready to meet the needs of its stakeholders now and in the future.

With inputs from WAM