Very important are those recommendations that the Federal National Council is preparing to present to the government, in its report on the policy of the General Authority for Pensions and Social Security, which will be discussed during the coming period.
Among these recommendations were those revealed by Saeed Rashid Al Abdi, Chairman of the Financial, Economic and Industrial Affairs Committee in the Federal National Council, where he said that the committee recommended "reducing the number of years of service for working women to 15 years to obtain a pension", in addition to "reviewing the pension Retired retirees during the period leading up to 2008, and equal benefits with those who retired after 2008, with the aim of eliminating the pension gap that retirees receive in these two different periods, and taking into account their life conditions, and so that they are able to overcome the various financial challenges they face ».
This category in particular really needs to be reconsidered. The gap between it and the group of retired people after them is large. They retired without benefiting from the financial privileges resulting from raising the level of salaries in 2008, while the general needs and price rises affect everyone without exception, which makes them They are more likely to face difficult financial challenges, noting that they constitute a large part of society, and there is no doubt that they deserve to reconsider their situation, in appreciation of their influential role during their period of work, and the values of giving and giving they provided during their years of service.
In general, the retirement law in the Emirates needs fundamental amendments, and the brothers and sisters members of the Finance, Economic and Industrial Committee in the National Assembly have put forward their valuable perceptions and observations, but it is very necessary that they also set the general framework for the development of the pension system, rather than just reviewing and amending texts, so that they are in line with Law in all its clauses, with successful global standards for premium pension funds worldwide.
The law must come out with its new amendments to achieve three main indicators, measurable, the first of which is the extent to which the state harnesses its financial well-being in providing a good retirement system, the second measures the extent of the sustainability of the pension system and is not affected by demographic, financial and climatic variables, and third is the indicator of sufficiency, which measures the standard of living granted by a system Insurances and pensions for retirees, and by this we guarantee the existence of a law that creates a qualitative shift in the concept of retirement, and raises the UAE’s position in the global indicators of pension funds, as the current situation never reflects the state’s position and its orientation towards supporting the welfare and happiness of citizens.
A comprehensive review of the procedures of the General Pension Authority in developing the insurance system policies, the rules and procedures used in calculating the end-of-service gratuity and pension for the participants, and developing and improving the services provided to the owners of insurance rights, including participants, retirees and beneficiaries, must be reviewed.
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