Its effect extends to include beneficiaries supported by the insured or the pensioner during his lifetime

“Annuities”: a system of extending protection that is characterized by takaful

Pension funds face challenges, the most important of which is improving revenues to meet obligations.

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The General Pension and Social Security Authority said that the system of extending protection is characterized by symbiosis so that its effect extends to the beneficiaries who were supported by the insured or the pensioner during his life.

Hanan Al-Sahlawi, Executive Director of the Pensions Sector, Chairman of the Technical Committee representing the UAE, said that despite the importance of this system and the benefits it provides, there is a need to raise awareness among Gulf citizens. about him.

She explained that the system faces challenges related to the refusal of some Gulf employees to register in the system due to the lack of awareness of its importance, especially in light of the privileges they enjoy in the country where they work, believing that they do not need to secure their status in terms of the pension in light of the ability of the current job to provide the appropriate income. At a time when they may not realize that the pension secures the lives of the beneficiaries in the future, as the pension systems in the Gulf states and the Arab countries in general are symbiotic systems that were found to secure the future of present and future generations together.

On the other hand, some employers refuse to register the Gulf citizen in order to avoid paying the percentage of his contributions at a time when he should know that registering and subscribing on behalf of the employee avoids the legal responsibility that he incurs as a result of violating this, including paying additional amounts and fines for not contributing on behalf of the employee.

She added: “One of the most important challenges facing pension funds in general is improving revenues that contribute to securing the coverage necessary to fulfill the obligations towards those covered in the long term, noting that it is extremely important for employers to be aware of the importance of paying these contributions as the main resource for their continued ability to fulfill their obligations. towards those covered by the provisions of this system.

She pointed to the technical challenges related to the system itself, some of which are represented in the difficulty of enumerating all workers from Gulf countries in the country in which they work due to the existence of free zones and different labor laws, which requires the development of appropriate mechanisms to achieve access to all these workers in each country by its apparatus. The specialist.

• Employers refuse to register the Gulf citizen in order to avoid paying the percentage of his contributions.

Hanan Al-Sahlawi:

• «Despite the importance of the system, there is a need to raise the level of awareness of Gulf citizens about it».

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