General Pension and Social Security Authority discusses investment

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Board of Directors of the General Pension and Social Security Authority, GPSSA, has chaired the authority's board meeting.

The Board ratified the minutes of the previous meeting and reviewed the procedures undertaken by the Authority for the implementation of its decisions and recommendations. It also approved the decisions and recommendations of the Authority’s sub-committees, namely the executive, investment, auditing and risks committees, and the supreme committee for human resources and compensation.

During the meeting, the Board approved the financial statement of the Authority for the first and second quarters of this year and discussed the Authority’s fund investment performance report until August 2017, as well as the policies and procedures of the investment sector. It also discussed other issues listed in its meeting agenda and took decisions in this regard.

The number of members in the authority until the end of the third quarter of the current year was 86,022, while those retired from the authority were 15,215 persons, compared to the 14,516 retired persons registered in the same period in 2016. The number of eligible persons was 5,580, compared to the 4,574 persons in the same period in 2016.

The pension expenses reached AED2.64 billion, representing an increase of AED138 million, compared with the same period last year, or a rise of 6 percent.

The Authority also manages the files of 1,855 retired and 3,943 eligible civilians, as well as the files of 5,704 retired and 2,102 eligible military persons, whose pensions are paid by the Ministry of Finance.