His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi and head of the Abu Dhabi Executive Office, witnessed the signing of an agreement between the Abu Dhabi National Oil Company "ADNOC" and the Abu Dhabi Retirement Fund, with the aim of improving the rewards and pensions of national employees working in ADNOC and its group of companies, through Increasing the proportion of the salary subject to deduction on the basis of which the pension is calculated upon retirement, pursuant to the leadership directives regarding improving the standard of living of citizenship families, and ensuring the stability of their income level after retirement.

According to the agreement, about 80% of the employee’s gross salary will be included in the deduction salary for which the pension is calculated, thus ensuring an increase in the pension for citizens of ADNOC employees by more than 20%.

His Highness Sheikh Khalid bin Mohammed bin Zayed stressed the leadership's keenness to invest in people, based on the approach of the founding father, the late Sheikh Zayed bin Sultan Al Nahyan, may God rest his soul, stressing His Highness the importance of ensuring the provision of stability and a decent life for citizens employees after retirement.

His Highness praised the efforts made by ADNOC to improve the pension of its employees over the past two years and its cooperation with the Abu Dhabi Retirement Fund and related parties.

The agreement was signed by the Minister of State and Chief Executive Officer of ADNOC and its group of companies, Dr. Sultan Ahmed Al-Jaber, and Chairman of the Board of Directors of the Abu Dhabi Retirement Fund, Jassim Abu Ataba Al-Zaabi.

The agreement takes effect starting from the current month, and retirement contributions will be calculated based on the value of the salary subject to the new deduction, and ADNOC will bear the cost of the contributions of previous years amounting to about 14 billion dirhams, without charging about 24 thousand of its current citizens employees any financial burden in appreciation of their efforts and dedication, especially Many of them work in the fields and the company's offshore and offshore facilities.

Al-Jaber said that the agreement aims to raise the level of pension for employees of ADNOC Citizens upon retirement in gratitude and appreciation for the extraordinary efforts they are making in the various workplaces in this vital sector.

He added that «ADNOC includes a group of the finest human cadres, and we seek to make them happy and ensure that they get the best benefits in appreciation of their tireless and sincere efforts in serving the country, and their contribution to achieving the company's goals and economic aspirations of the UAE», adding that these amendments will enhance ADNOC's position as a favorite destination for the work of national cadres , And increases its ability to attract talented people with distinguished experiences.

For his part, Al-Zaabi said that the agreement comes within the framework of the Fund’s keenness to implement leadership directives to consolidate strategic partnership relations between national institutions, and to support talent and citizenship cadres at all levels to secure their future and the future of their families.

He pointed out that the agreement will contribute to increasing the pension and other insurance benefits provided by the fund to the employees of ADNOC Group, thus maintaining their standard of living after retirement and providing them with a decent life, stressing that the fund will continue its efforts to develop its work system, achieve financial sustainability, and provide leading global retirement services.

Building bridges of cooperation

The General Manager of the Abu Dhabi Retirement Fund, Khalaf Abdullah Rahma Al Hammadi, affirmed the Fund’s keenness to continue to extend bridges of cooperation with national companies to serve the citizens registered with the Fund and preserve their rights and secure their future after retirement, especially as “ADNOC” is one of the most important strategic partners of the Fund.

He stated that ADNOC represents the largest segment of the fund's customers, as the number of its employees is approximately one fourth of the insured persons registered with the fund, and that its projects correspond to the investment visions of the fund.

He added that the agreement comes from the vision of the leadership that seeks to delight citizens and provide them with a decent life for them and their families, pointing out that the agreement will achieve positive returns for all ADNOC employees for its contribution to increasing the retirement benefits that the fund will provide, and maintains their standard of living after retirement by reducing the gap Between salary and pension.

14

One billion dirhams to be paid by ADNOC, the value of previous contributions of 24,000 of its employees.

The agreement enhances ADNOC's position as a favorite for national cadres.

Khalid bin Mohammed bin Zayed:

Leadership is keen to invest in people according to Sheikh Zayed's approach.