New pension law applies to Emiratis starting work from Oct. 31

Monday, 27 November 2023 13:37

By ARN News Staff

UAE nationals, who've started work "for the first time" from October 31, will be covered under the new pension law, authorities have announced.

They must be employed by entities linked to the General Pension and Social Security Authority (GPSSA), which includes federal and government sector firms in the UAE, apart from those in Abu Dhabi and Sharjah.

All affiliated private firms in the UAE, apart from Abu Dhabi, will also be included.

The authority added that current employees will continue to be covered under Federal Law No. (7) of 1999 on Pension and Social Security.

The new law aims to enhance the flexibility of the pension and social security services in the UAE.

More from Business

Parkin expands into Sharjah's Aljada with partnership with Arada

Starting today, Parkin has expanded its smart paid parking services to Sharjah's Aljada following a five-year partnership with developer Arada.
US states sue to block Paramount’s $110 billion Warner Bros Discovery deal

California and 11 states have sued to block Paramount's $110 billion acquisition of Warner Bros. Discovery, alleging the deal would create a media behemoth with the power to raise prices in film and television.
Dubai steps up coordination to boost supply chains, trade flow

The Dubai Ports Authority has held a coordination meeting with shipping companies, cargo operators and key partners to enhance the efficiency of container movement and goods through Dubai's ports.
Masdar reaches financial close for $6.1 billion 24/7 clean energy project

Abu Dhabi Future Energy Company, Masdar, has announced financial close for the world's first gigascale 24/7 renewable energy project, marking a defining milestone in the commercialisation of the next generation of clean energy infrastructure.