“Pensions” adopts new rules for insurances for self-employed people and the self-employed

The General Pensions and Social Security Authority called on business owners, the self-employed and self-employed people who meet the conditions contained in the Minister of Finance’s decision regarding the executive rules and conditions for benefiting from the insurance benefits provided by the decision, to register and benefit from it, noting that it regulates the mechanism and conditions for these groups to benefit from the provisions of social insurance, in accordance with what was stipulated in Federal Decree Law No. (57) of 2023 regarding pensions and social insurance.

The Authority confirmed that the inclusion of business owners, self-employed people, and self-employed workers within the umbrella of insurance protection embodies the state’s approach towards expanding the scope of benefit from social insurance systems, in a way that enhances job and social stability and supports the sustainability of various work paths. It also contributes to supporting the goals of the state vision “We Are the Emirates 2031” and the state’s economic agenda, by enhancing the flexibility of the labor market and providing insurance benefits for the categories of self-employment and entrepreneurship, in a way that enhances the attractiveness of this professional path for citizens and keeps pace with the rapid developments in the market. Work.

The decision achieves a set of economic and social goals and benefits for citizens, most notably encouraging entrepreneurs and young people to enter the self-employment market while ensuring future retirement protection, supporting the sustainability of small and medium enterprises, enhancing the financial stability of national families in the face of economic changes, and contributing to facilitating self-employed people’s access to financing and credit facilities, thanks to the presence of a guaranteed future retirement income, in addition to enabling citizens to move between government and private work and self-employment without losing their insurance rights accumulated over years of work.

The benefits provided by the decision include the payment of a monthly pension that guarantees a sustainable income upon reaching retirement age, or an end-of-service reward for subscribers who do not meet the conditions for entitlement to a pension. It also provides comprehensive insurance coverage against the risks of total disability and death. Subscribers to the system have the opportunity to choose the income bracket subject to subscription in proportion to their income levels, in addition to the possibility of adding previous service periods and benefiting from the transfer of benefits to those eligible in accordance with the law.

The Authority explained that the decision allows participation for citizens of the United Arab Emirates between the ages of 18 and 55 years, with the need to have a valid commercial or professional license, a document of the type of activity and the articles of incorporation, provided that registration is done electronically through the “Maashi” platform.

She stressed that subscription is optional for citizen business owners who own establishments and employ workers, and self-employed workers who practice an activity that requires registration in the commercial registry or any other official registry, in addition to self-employed people whose profession depends on their personal experience and who practice it with a license or permit from the competent authorities, while employees working for others and the pensioner are excluded from its application.

The subscription rate is 26% of the subscription account salary for all segments. Participants have also been divided into different age groups and income brackets, allowing the appropriate segment to be chosen according to age and income, with the possibility of modifying the subscription segment in accordance with the approved controls.

Participants benefit from the benefits exchange system, as the provisions and agreements approved by the Authority regarding the exchange of benefits with other entities implementing pension and social insurance systems in the country apply to them, and they can benefit from the professional registration service via the Maashi digital platform “www.gpssa.gov.ae”.