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New Amendments to Pension System in Abu Dhabi
The Abu Dhabi Pension Fund announced amendments to the Pension Law and introduced new benefits aimed at maintaining a competitive and sustainable pension system that achieves parity between citizens working in the public and private sectors in the emirate. A modern and flexible pension system that adapts to the operational and social needs of the insured and allows… the opportunity to receive better pension benefits while continuing to work after the minimum service eligible for retirement.
The amended Act applies to the insured who continue in service, without prejudice to their vested rights, the insured retain the right to calculate their pension for the period of their service as per earlier system and the same applies to other insurance benefits. Insurer received under the system prior to amendment.
One of the most important amendments involving the pension system is to increase the maximum percentage of superannuation pension to 100% of salary, subject to deduction on completion of maximum years of service, where the insured gets 80% of superannuation pension. Salary deduction is to be made on completion of minimum years of service (25 years) eligible for retirement and for each additional year of service he can increase this percentage equal to 2% annually till he reaches 100% of his salary. A deduction which was not present in the pre-amendment system as the percentage of retirement pension was stopped at 80% despite the insured having worked for long years.
The revised pension law equalized insurers working in the public and private sectors, unified the method of calculating retirement pension for all insureds and required new ones to be calculated based on the average salary course, the fund said. Deductions are to be made for the last six years, and the maximum salary for the insured is aggregated.
As per the amended law, the percentage of pension contributions was 26% of the salary subject to deduction, of which the new insured pays 11%, while the employer pays 15% without any change in the percentage of pension contributions. Current Insurance (Continuing in Service).
Under the amended Act, the minimum pensionable age has been fixed at 45 years in the first year of application, after 25 years of service, the age is gradually increased at the rate of 6 months every year until reaching the age of 55 years.
Considering the role of the family in building and nurturing society, the revised pension system includes benefits for women who have children.
These amendments have also provided many new features such as optional subscription system has been introduced for women who have given birth to children and women who want to leave work to devote themselves to family and retirement to ensure continuity of retirement benefits. The new amendments have also provided students with the same option.
With the aim of providing an opportunity for national expertise to continue to contribute in various fields, the new amendments allow the joining of retirement pension and salary after completing the maximum years of service or reaching the retirement age specified by law. national economy in the long run.
An insured person who fulfills one of the retirement conditions under the previous pension system will be eligible for retirement under the new pension system, while being given the option to continue working to benefit from the new benefits offered by the revised system, particularly the percentage of incremental opportunity pension that will be deducted on completion of 100% of salary. Maximum years of service.
Salem Rashid Al Nuaimi, Managing Director of the Abu Dhabi Pension Fund, said: “Revising the pension system in the Emirate of Abu Dhabi contributes to improving the quality of life of citizens enrolled in the fund and providing them with a decent life after retirement. It conducts financial audits and reviews of the pension system to ensure that citizens’ rights are protected and their futures and futures are protected. Service organization in the emirate.
He added: “Therefore, we are keen to support the Emirate’s guidelines in designing flexible and modern systems that can meet the needs of future generations and adapt to all social and economic developments. A gradual transition phase is designed to implement the amendments. The law contributes to the flexibility to implement these amendments, while at the same time upholding the principle of security.” emphasizes.” All rights were vested under the system prior to the amendment.”
Khalaf Al-Hammadi, Director General of the Fund for Pension Affairs, said: “Flexibility and flexibility of laws and regulations and their ability to adapt to changes is one of the measures of maturity of governments and countries. The pension system is an essential part of the system of laws and regulations that regulate the functional and social aspects of citizens, and the work on revising the Emirate Pension System of Abu Dhabi is in line with the legislative approach in the UAE and its continuous effort to review the law. and regulations and works to address the gaps in them and develop them in line with the rapid developments taking place in the country.
He added: “Important among the amendments, which include new features not present in the previous system, is the possibility for insured persons to receive 100% of their salary as retirement pension, which narrows the gap between incomes. “before and after retirement,” emphasizes that there shall be no prejudice to the rights acquired by the insured. Under the earlier law, the insured shall retain all the rights acquired under the previous pension scheme whether he attains the age of retirement or attains any other insurance. The benefits and amendments will be phased in over the coming years.
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According to a study conducted by the Regional Center for Strategic Analyzes in Abu Dhabi, sustainability strategies and tackling climate change are at the top of the national action agenda in the UAE. The UAE’s contributions and initiatives during COP 28 gained greater regional and international momentum, support for achieving a better harmonized formula for environmental protection and sustainability, and international pledges to allocate hundreds of billions of dollars to finance climate and sustainable projects.
Interregional said the UAE is making progress in strengthening its environmental leadership by investing tens of billions of dollars and providing legislation, regulatory frameworks, initiatives and policies to address climate change. Participation in dozens of contracts and initiatives around the world.
In this context, Interregional released the “UAE Environmental Achievement Index 2023” to monitor and track the performance of the country’s environmental initiatives in the field of environment and climate, measuring and monitoring 32 sub-indicators since its inception. “UAE Vision 2021” in 2010 to 2022. He also gave predictions till the year 2030.
The Environmental Performance Index is the arithmetic mean of four sub-indicators, namely: climate change, biodiversity, maintenance of a healthy and clean environment and environmental awareness and behaviour, as per the guidelines for developing composite indicators issued by the Organization for Economic Co-operation and Development (OECD).
The center emphasized that the UAE’s approach to climate change has become a priority for government action, in an effort to be “zero climate neutral” and invest in green resources. In this aspect. He explained that there are many motives and reasons behind the UAE’s high priority of addressing the phenomenon of climate change. This comes in the backdrop of the state’s keenness to achieve its strategic plans on climate change. Among the key concepts that have made climate change a government priority are the catastrophic effects worldwide, in particular: droughts and floods, inundation of cities, waves of displacement, damage to agriculture and infrastructure, and degradation. Global food security crises.
The UAE has adopted a comprehensive approach to addressing the climate change crisis, seeking to achieve environmental sustainability through an integrated legislative and regulatory framework, in coordination and cooperation with the international community in this regard. Approach: Localize clean energy, adopt peaceful nuclear energy and support climate legislation and knowledge frameworks, and coordinate with the international and regional community to support international efforts to address climate change. To achieve climate neutrality by 2050, the UAE has won the trust of the international community to host COP28 from here.
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Chagr Kobash discusses strengthening bilateral relations with the head of the Moroccan Council of Councillors
Dubai: “The Gulf”
The Speaker of the Federal National Council, Zachr Kobash, met with the Speaker of the House of Councilors, Al-Nam Mayara, in the sister kingdom of Morocco, during his participation in the International Parliamentary Assembly at the twenty-eighth session of the conference. States Parties to the United Nations Conference on Climate Change (COP28) taking place at Dubai Expo City.
Ways of enhancing bilateral cooperation, improving communication and coordination on various issues of common interest, importance of visits and exchange of experiences, enhancing parliamentary coordination and consultation were discussed. It serves the interests of the two brotherly countries and peoples as per the vision of future opportunities in various fields between the two countries.
The Chairman of the Council of Advisors, Al-Nam Mayara, and the accompanying delegation were welcomed by Sakr Kobash, who appreciated their participation in the International Parliamentary Assembly within the twenty-eighth session of the Conference of States Parties to the United Nations Convention on Climate Change. The Federal National Council brings together all parliamentarians and focuses on practical solutions to achieve sustainable results. Our initiatives and conference outcomes link to the main conference, highlighting the important role parliamentarians can play in global issues.
Kobash pointed out that the UAE is keen to fight climate change in the region and globally and is the first Gulf country to sign the Paris Agreement. Climate neutrality by 2050 and it now owns three of the largest solar power plants in the region.
Al-Nam Mayara, for his part, emphasized the depth of deep-rooted and established historical brotherly ties that unite the Kingdom of Morocco and the Emirates as a sister country and their cooperation in many fields.
Mayara praised the success of the organization of the Federal National Council and the hosting of the COP28 conference and the efforts announced by the UAE in support of climate change issues and its efforts in the fields of sustainable development, innovation, artificial intelligence, space. and the empowerment of women and youth.
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During their visit to the Kingdom of Bahrain, the CEO of Dubai Media, Mohammed Sulaiman Al Mulla, along with the Managing Director of Media Content Department at Dubai Media, Salem Palyuha, the Minister of Information of the Kingdom of Bahrain, Dr. Ramzan Bin Abdullah Al Nuaimi, and discussed ways to improve cooperation with him. In various fields of media work, especially media exchange and training, and ways to build capacity between the two sides. Highlighting Dubai Media’s multi-channel and platform experience and the advanced media services it offers, the collaboration model contributes to the delivery of creative media products and supports the efforts of the two fraternal countries at the development level. .
During the meeting, the Minister of Information welcomed the visit of the CEO of Dubai Media Incorporated to the Kingdom of Bahrain, which comes within the framework of the historic ties of brotherhood, love and cooperation that bind the two brotherly countries and peoples. He emphasized that Bahraini-Emirati relations are witnessing continuous growth in light of the strong ties between the leadership and people of the two countries, and the mutual interest in reaching these relations to heights that meet common aspirations at all levels. “Dubai Media” and plays an effective role in providing services. Media with high competitive levels and quality standards, noting the continued cooperation between media organizations in the two sister countries, expressing its desire to benefit from further coordination and expertise. Both sides.
Muhammad Sulaiman Al Mulla Dr. Ramzan bin Abdullah expressed his happiness at meeting Al Nuaimi and emphasized that Emirati-Bahrain relations are an example of strong brotherly ties. He said: “The United Arab Emirates and the Kingdom of Bahrain are linked by historical ties, the roots of which stretch back decades. Shared visions between the two countries have helped their growth and development, as the relationship is based on stable elements based on common culture, social and historical heritage,” the two brothers said. The relationship between the countries has resulted in a rich reality of cooperation in various fields, including trade and economic exchange. He praised the state of the media in the Kingdom of Bahrain and the significant growth it is witnessing, its high-level capabilities and its commitment to expressing the true Arab and Gulf identity and values. The Kingdom is committed to further development and mainstream media. He wished for progress.The department emphasized the importance of relationships linking Dubai Media with companies.
The Dubai Media Group, along with the Minister of Information and several officials of the Ministry, visited the new studios of the Ministry of Information and News Department, where they were briefed on the technological and artistic development of these fields. The delegation also asked for a detailed explanation of the state-of-the-art equipment available in the television and radio broadcasting departments, the role of each department in serving the media message of the Kingdom of Bahrain and its efforts to articulate the Kingdom’s policy.
The delegation expressed its appreciation for the advanced levels reached by the media in the Kingdom of Bahrain in terms of form and content and the modern capabilities it enjoys in the field of media work comparable to the most modern international media channels. Bahrain praised the media workers and their outstanding skills and creative energies. Capable of providing cutting-edge and exclusive media content, Bahrain Media represents a pioneering school with a unique identity professionally, wishing the Kingdom of Bahrain and its people continued progress and prosperity.
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