Mohammed approves pension body structure

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the organisation structure of the General Pensions and Social Security Authority (GPSSA).

The Authority will have four executive directors, operation centres in Abu Dhabi and Dubai, and business units for investment, risk assessment and internal auditing.

The business units are mandated to execute terms for civilians' pension and retirement compensations, setting rules for extending insurance coverage to the GCC citizens working outside their countries and putting in place a system for exchange of insurance benefits among the pension funds in the country.

The new structure also entails duties of the GPSSA board members, including proposing draft laws pertaining to pensions and social security, developing plans for investing the GPSSA funds, passing the internal auditing charter and submitting annual performance reports to the cabinet.

Follow Emirates 24|7 on Google News.