List of additional benefits in the new law for employees in the UAE
The General Pensions and Social Security Authority announced a list of additional benefits in the new law for employees in the Emirates, which was approved hours ago.
List of supplementary benefits stipulated in the new UAE law for employees
Approved hours ago, the General Pensions and Social Security Authority of the Emirates unveiled a list of supplementary benefits included in the new law for employees.
Advantages of the new pension law in the UAE
Positive aspects of the UAE's new pension legislation, The retirement pension is computed using the average salary of the insured's contribution account for the final six years of the subscription period, or the entire subscription period if it is less than that, in accordance with the decree-law that equated the public and private sectors. In accordance with the stipulations of the new decree-law, the insured may comprise The minimum age for insured individuals to qualify for a retirement pension has been established at 55 years old, with the exclusion of periods of service prior to acquiring state citizenship, determined by the Council of Ministers on the basis of a proposal from the Authority's Board of Directors, and any employer to which the provisions of this Decree-Law are applicable. A minimum subscription period of thirty years and one year. The newly enacted decree law additionally authorized the insured to voluntarily subscribe in order to secure unpaid leave for the purpose of completing postgraduate studies. As long as the insured was in good standing, the decree law allowed the insured to request the acquisition of a nominal service period to be added to his actual service period. The individual in question must have accumulated a minimum of 25 years of practical service experience at the time the purchase request is submitted. If he has attained the age of 60, he is eligible for a 15-year period of service. For both men and women, the mandated purchase period should not exceed five years. The recently enacted decree law established parity between the public and private sectors by permitting the insured to Once an employee has accumulated 30 years of service, pension and salary must be combined without restriction. The decree law additionally specifies that pension payments shall be suspended in the event that the pensioner accepts employment covered by the decree law in return for compensation, which may consist of an equivalent recompense or a monthly or lump sum salary. The pension payment is capped at the difference between the value of the pension and the work compensation, not to exceed it. In the event that the work compensation falls short of the value of the pension, the remainder is repaid in accordance with the stipulations of the new decree law. On the premise of the average salary calculation, unify the mechanism by which the public and private sectors compute retirement pensions. Six years' worth of subscription service.
An important advantage for female employees in the Emirates in the new pension law
A significant benefit for female Emirates employees under the new pension law, In recognition of the importance of the family unit in the context of societal development, the recently enacted decree law granted working mothers the ability to apply for retirement pension entitlements, reduce the age and contribution period, and continue to voluntarily participate in retirement activities during the leave to care for their children, subject to the regulations and provisions of the new law. This provision grants married, divorced, or bereaved women who have five or more children the ability to apply for a retirement pension early in life and for a reduced period of time.
The new pension law equates employees in the government sector and the private sector
The new pension legislation establishes parity between government and private sector employees, In order to establish parity between the private and public sectors with regard to general regulations, an equality program was implemented whereby citizens employed in both sectors could combine their retirement pension with the salary from a new employment.