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2024 Ct. Uncourt [1] (2024)

handle is hein.journals/counco11 and id is 1 raw text is: UAE's new pension law The new Federal Decree Law No. (57) of 2023 introduced by the General Pension and Social Security Authority in the UAE aims to enhance the efficiency and sustainability of the country's pension and social security systems. Applicability and Transition The effective date of the new law applies to Emirati employees working for companies participating in the GPSSA who commenced their employment for the first time on or after the publication date. Existing employees will be subject to the provisions of the Federal Law No. (7) of 1999. Retirees currently receiving payments under previous laws will continue to be safeguarded by the existing law, even if they pursue new employment subsequent to the issuance of the new Federal Decree Law. Eligibility The pension system outlined in the legislation sets specific criteria for eligibility, with a minimum subscription period of 30 years and a retirement age requirement of 55. However, recognizing the unique circumstances of working mothers, the law introduces tailored benefits. Working mothers enjoy a more flexible subscription period and can apply for a retirement pension at a younger age. This acknowledges the additional challenges and responsibilities faced by working mothers and aims to provide them with earlier access to pension benefits. Moreover, the legislation demonstrates a progressive approach by allowing working mothers to maintain optional membership during breaks for childcare, ensuring continuity in their pension contributions despite temporary career interruptions. This targeted provision reflects a commitment to inclusivity and recognizes the diverse needs of the workforce, contributing to a more equitable and supportive pension system. Primary objective of newly enacted law The recently enacted legislation aims to refine the policies and operational framework of the General Pension and Social Security Authority (GPSSA), focusing on ensuring the efficiency and sustainability of pension financial resources while honoring the Authority's future commitments.

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