GPSSA Launches Second Phase Of Wafra Programme To Empower NAFIS Beneficiaries With Financial Knowledge

The General Pension and Social Security Authority (GPSSA) has introduced the second phase of its "Advanced Proactive Financial Planning System" project, named "Wafra." This initiative is in collaboration with the Emirati Talent Competitiveness Council through the NAFIS programme. "Wafra" aims to enhance financial literacy among NAFIS beneficiaries under UAE pension laws, empowering them for a secure financial future in the private sector.

By focusing on financial education, GPSSA demonstrates its dedication to nurturing national talent and improving the financial and social stability of UAE nationals. This initiative is part of the third cycle of transformative projects for federal government entities planned for 2024-2025. It reflects leadership's commitment to innovative, human-centric government models that boost the UAE's global competitiveness.

The programme provides essential financial knowledge through specialised training and awareness campaigns available via the NAFIS digital platform. This ensures that a broad spectrum of Emirati talent, including private and banking sector employees, jobseekers, and university students, can benefit from it. The second phase of "Wafra" addresses core themes relevant to NAFIS beneficiaries.

Participants learn about GPSSA's laws and benefits, enabling them to make informed retirement choices and plan effectively for their future. The programme also offers guidance on investment options and wealth management strategies post-retirement. It underscores the importance of early financial planning for a stable future.

GPSSA collaborates with the Ministry of Human Resources and Emiratisation and the Emirati Talent Competitiveness Council. They leverage the NAFIS platform and various media channels to reach a wider audience. Through "Wafra," GPSSA aims to increase financial planning awareness by 80 percent.

This goal is supported by comprehensive educational programmes in social insurance, investment, and savings developed by Abu Dhabi Global Market (ADGM) Academy. These tailored programmes equip UAE nationals with necessary knowledge and tools for effective financial management.

Initial Phase Achievements

The first phase of "Wafra," launched in July 2024, focused on raising awareness about financial needs throughout an individual's life. It covered understanding financial products and terms, managing money and debt effectively, navigating challenges, and seeking advice for investment and fund management.

The project aligns with the UAE government's ambitious goals for a prosperous society over the next decade. It seamlessly integrates with the "We the UAE 2031" vision by cultivating a more prosperous society through enhanced financial literacy among Emiratis.

This initiative highlights GPSSA's commitment to nurturing national talent while improving social stability among UAE nationals. By equipping Emiratis with essential financial skills, "Wafra" contributes directly to achieving these long-term objectives.

With inputs from WAM