Dubai, June 03: His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the organisational structure of the General Pensions and Social Security Authority (GPSSA).
According to the new structure, the authority will have four executive directors, operation centres in Abu Dhabi and Dubai, and business units for investment, risk assessment and internal auditing.
The business units are mandated to execute terms for civilians’ pension and retirement compensations, setting rules for extending insurance coverage to the GCC citizens working outside their countries and putting in place a system for exchange of insurance benefits among the pension funds in the country.
The new structure also entails duties of the GPSSA board members, including proposing draft laws pertaining to pensions and social security, developing plans for investing the GPSSA funds, passing the internal auditing charter, submitting annual performance reports to the cabinet, approving strategic and operational plans for cabinet approval and hiring experts and specialists to examine the authority’s financial position.
The board will form executive and internal auditing committees from its members. Both committees will be reporting to the board of directors.
The organisational structure defines duties and powers of the GPSSA director-general, who will be aided by four executive directors for operations, information technology systems, financial and administrative affairs, and investment, in addition to a bureau for strategic planning. —
–Agencies