“Pensions” extend the period of payment of the costs of including the service for ten years

The Board of Directors of the General Authority for Pensions and Social Insurance announced the extension of the period of payment of the costs of including the service for ten years instead of four years, with the aim of encouraging the insured to include the periods of their previous service and enhance financial stability and provide them with greater flexibility in retirement plans.

The decision is applied to all the insured, who are covered by the laws implemented by the authority, and it comes into effect from September, and is implemented in two phases, the first includes the owners of effective annexation requests, while the second stage begins next November for those wishing to submit new requests.

The Authority called on the insured, who are planning to submit requests to include a new service in the second stage to benefit from this period to correct their data by entering the digital “pension” platform to ensure the validity of the data and ensure that the terms of the service to be included, because the accuracy and authenticity of the data are a prerequisite for accepting requests to include the service and ensuring the speed of completion and not delay.

The decision provides a direct benefit to the insured who are currently paying higher installments than the legal minimum (a quarter of the salary subject to subscription); They can distribute payment over a longer period, with an emphasis that the minimum condition, which is a quarter of the salary, is still obligatory.

The decision also includes the possibility of annexing the previous service periods for any employer on which the provisions of the federal laws of pensions apply, in addition to the previous service periods to acquire citizenship, or any service periods approved by the Board of Directors of the Authority.

The inclusion of the service is intended to collect the previous work periods for the insured with his current duration so that it is calculated as a continuous period, which enhances his chances to fulfill the period of entitlement to the retirement pension or raising his percentage, for example, the insured who worked on a side and then moved to another to include his previous years of work to the current instead of calculating it separately, and thus benefits from all years of service when calculating the retirement pension.

The decision to extend the period of payment costs in this context comes to give practical options that support the stability of the Emirati society and enable citizens to plan their future in line with the target of the general community.