GPSSA Reviews Financial Statements And Digital Transformation At 6th Council Meeting For 2024

The General Pension and Social Security Authority (GPSSA) held its sixth council meeting of the year, chaired by Mubarak Rashed Al Mansoori. During the meeting, Al Mansoori welcomed council members and attendees. The agenda was discussed, and minutes from the previous meeting were approved. Key topics included management developments and committee recommendations.

Financial matters were a significant focus during the meeting. The council approved financial statements for the first two quarters of 2024. They also reviewed August's financial report and discussed investment performance for the first half of the year. Additionally, they examined progress in digital transformation efforts.

A draft amendment to GPSSA’s organisational structure was approved, pending submission to the Council of Ministers. This change aims to enhance operational efficiency. The council also highlighted updates to GPSSA’s strategy for 2024-2026, ensuring alignment with future goals.

Statistics from August 2024 showed a rise in contributors to 142,510, up from 111,735 in August 2023. Employers registered with GPSSA increased to 18,446 compared to 11,865 last year. These figures reflect significant growth in participation and engagement with the authority.

Insurance expenses for August 2024 reached approximately AED458.28 million, compared to AED415.27 million in August 2023. This increase highlights rising costs associated with providing pension benefits and services to a growing number of participants.

The number of pensioners as of August 2024 stood at 20,721, up from 19,685 in August 2023. However, beneficiaries decreased slightly to 8,268 compared to 8,458 last year. These changes indicate evolving dynamics within the pension system.

The meeting concluded with decisions on various agenda items aimed at improving GPSSA's operations and services. The council remains committed to enhancing its strategic initiatives while addressing emerging challenges effectively.

With inputs from WAM