General Pensions and Social Security Authority in UAE
The “General Pensions and Social Security Authority (GPSSA”) in UAE has been providing the pension plans and financial security to the people in UAE that have been working and investing their resources in the companies in UAE. In the recently introduced pension laws revelations, there has been an extended coverage that is being provided to the insurance policies that would include the business owners and those who are self-employed. It would provide provisions to these people along with the financial benefits of the insurance.
The implementation of the above modifications would pose a great challenge to the Human Resources department of the Authority. It would create a great confusion in terms of estimation of the financial benefits that should be provided to the person that were employed by any company as compared to those that are self-employed or are the owners of a business. There should be accurate evaluation of the earnings of these people and on the basis of that it needs to make the decisions regarding the amounts that are payable to them. The benefits were to be provided to the people while considering the circumstances that they were living in as compared to their earnings. This accounted for a major portion of the payments to be made by deciding the parameters that have been developed by the GPSSA authorities for the Human Resources. These parameters involved the appropriate justification of the payments made to the retired personnel or the earnings of the self-employed personnel while evaluating the plan.
The Human Resource is burdened with the pressure of hiring the personnel that would take into account the confidentiality of the term with the members that are involved in evaluating the correct pension plans that would be developed for the people that were belonging to different modes of employment. The Human Resource department have to face this pressure where they have to ensure that no part of the UAE’s population is left behind and a justified pension is made to everyone in the country. (Pension extend insurance coverage to include business owners and self-employed 12/15/2014, 2014)
Pension extend insurance coverage to include business owners and self-employed 12/15/2014. (2014, December). Retrieved from http://www.gpssa.ae: http://www.gpssa.ae/ar-SA/MediaCenter/Pages.aspx