Headed by H.E. Mohamed Bin Hadi Al Hussaini - an increase of Dh99,554,063 worth insurance expenses have been announced during GPSSA’s 3rd board meeting
Abu Dhabi, 16th May 2023 – The General Pension and Social Security Authority (GPSSA) held it’s 3rd board meeting under the leadership of His Excellency Mohamed bin Hadi Al Hussaini, Cabinet Member, Minister of State for Financial Affairs and GPSSA’s Board of Directors, on Monday 15th May 2023.
During the meeting, the board proceeded to discuss the agenda and approve the minutes of its previous meeting, as well as management’s follow-up schedule for the decisions and recommendations emanating from it. The board approved the decisions and recommendations taken by sub-committees including the Supreme Committee for Human Resources and Remuneration, the Investment Committee, and the Internal Audit and Risk Committee.
The Council reviewed the authority’s financial report for March 2023, while approving changes to financial and administrative controls and responsibilities. Additionally, last years investment performance report was reviewed, GPSSA’s asset investment plan was approved and discussions around taking appropriate decisions for other topics on the agenda were emphasized.
According to April 2023 statistics, the number of contributors at the GPSSA have increased to 102,000 compared to 87,665 for the same period last year, while the number of pensioners reached 19,384 compared to 18,227 in April 2022. The number of beneficiaries currently amount to 8,451 compared to 8,328 for the same period last year.
An increase of Dh99,554,063 worth insurance expenses has also been highlighted during the meeting, where the value of insurance expenses in April 2023 amounted to Dh469,017,770 compared to Dh369,463,707 for the same month, last year.
