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PENSIONS IN DUBAI
The General Authority for Pensions and Social Security (GAPSS) was established in January 1999 and is a corporate agency chaired by the Minister of Finance and industry, which was formed with the sole aim of providing better pension and social security insurance and benefits to all nationals in the public and private sectors. They will achieve this by managing, administrating and developing civilian's pensions and social security rules and laws. It has a capital of Dh500,000,000.
The previous pension scheme only covered nationals in government departments, but under the new scheme employees and employers in the public sector will be asked to make contributions and the government will also contribute to their pensions. Nationals will now be entitled to pensions from the age of 60. The pension scheme covers all nationals who with 9,000 people currently receiving pensions totaling Dh720,000,000 per annum.
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