Mubarak Rashed Al Mansoori, Chairman of the Board of Administrators for the Normal Pension and Social Safety Authority (GPSSA), stated that the UAE is the primary Arab nation and the twenty third globally to have its pension indicators measured within the 2024 Mercer World Pension Index (MCGPI) report.
The MCGPI studies benchmark pension earnings programs worldwide and suggests potential reform areas that present extra satisfactory and sustainable retirement advantages. Accordingly, the UAE’s milestone achievement will help its purpose to raise the standard of life for Emiratis, who’re thought-about a precedence within the UAE authorities’s improvement course of.
As a part of the sixteenth annual Mercer CFA Institute World Pension Index (MCGPI), a report was launched by Mercer, a enterprise of Marsh McLennan (MMC) and CFA Institute, evaluating 48 retirement earnings programs worldwide masking 65% of the world’s inhabitants.
The report, which measured indicators of the GPSSA, alongside the Abu Dhabi Pension Fund and the Sharjah Social Safety Fund, confirmed that the UAE has displayed super enchancment in its pension system for the fourth 12 months in a row, rating twenty third globally.
As a result of nation’s articulate governance construction, it was introduced on the sixteenth annual MCGPI that the UAE’s index worth elevated from 62.5 in 2023 to 64.8 in 2024 on account of deciding to extend the pension age of Emiratis since life expectations have risen, thus selling extra profitable pension advantages for Emirati households.
Al Mansoori acknowledged that the UAE’s retirement earnings system has improved its rating for the fourth 12 months in a row, recording enhancements in adequacy with a rating of 77.1 and rating twelfth globally in 2024, whereas scoring 75.3 and twenty fifth globally for the integrity of its pension scheme.
“Even supposing the MCGPI benchmarks retirement earnings programs all over the world, the index represents a broader technique for the federal government and its emphasis on offering quite a few advantages to Emiratis throughout numerous sectors akin to training, well being, housing and different social providers. Pension and insurance coverage are thought-about a type of precedence areas that purpose to enhance the general high quality of life for its nationals by providing extra sustainable pension options,” he added.
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