UAE pension disbursements rise to $208.7mln in March 2024
Today, March 27, 2024, the UAE government is set to distribute pension payments to a significant number of beneficiaries, totaling over 47,000 individuals.
These payments represent an increase compared to the previous year, both in terms of the amount disbursed and the number of recipients.
The General Pension and Social Security Authority (GPSSA) has announced the allocation of a substantial sum of AED 766,457,286.56 (equivalent to $208.7 million) for pension payments on this date. This represents a significant increase from the disbursed figure of AED 689.8 million in March 2023.
With 1,525 people now qualified to receive pension benefits, the inclusion of more beneficiaries is the reason for the upward trend in payments. Following this, the GPSSA reports that 47,940 individuals are eligible to receive the benefits.
The recipients of these payments are Emiratis covered under Federal Pension Law No. 7 of 1999 for Pension and Social Security, along with UAE nationals meeting the eligibility criteria managed by the GPSSA on behalf of the Ministry of Finance.
This initiative underscores the government's commitment to supporting its citizens by providing financial assistance through pension schemes. By enhancing the reach and value of pension payments, the UAE aims to ensure the welfare and security of its citizens, particularly retirees who rely on these benefits for their livelihood.
The increase in pension disbursements reflects the evolving demographic and economic landscape of the UAE, with a growing number of individuals benefiting from social security measures. This proactive approach by the government aligns with its broader agenda of promoting social welfare and inclusive development across the nation.
In conclusion, the distribution of higher pension payments to an expanded pool of beneficiaries signifies the UAE government's dedication to enhancing the quality of life for its citizens. Through prudent financial management and inclusive policies, the government aims to foster a supportive environment conducive to the well-being and prosperity of all its residents.
