Urgent: The UAE announces the dates for disbursing pensions for the year 2024

Abdallah Shahin - | Business

Pension payments for 2024 will be disbursed on the dates notified by the General Authority for Pensions and Social Security.

Unless January, April, or July falls on a different date (the 26th), she indicated that pensions will be paid on the 27th of every month. October, on the other hand, will have its payments made on the 25th.

The early announcement of pension disbursement dates is done so that the groups that will be receiving them can start saving for the new year 2024 or for other things that will help them live their lives more deliberately and purposefully, according to the Authority. Any changes to these dates will be announced through the Authority's media or social media.

Steps for calculating the retirement pension and end-of-service benefits:

According to a previous announcement by the General Authority for Pensions and Social Security, there are three primary steps involved in determining the retirement pension and end-of-service benefits for insured individuals registered with them from the private and public sectors, as per the Federal Pensions and Social Security Law.

In order to determine the employee's contribution, the first step in the calculation process is to determine their salary. For government employees, this salary includes the basic salary plus five allowances and bonuses specified by the Pensions Law: the cost of living allowance, the children's allowance, the citizen's social allowance, and the housing allowance. In the private sector, this salary includes all benefits stated in the employment contract and does not exceed 50,000 dirhams. The manner by which the components of the employee's total compensation are calculated, as well as the items included in that wage for calculating his contribution, are matters of particular detail in the case of certain local governments.

She mentioned that once the contribution account salary is known, the average contribution account salary is computed. For government employees, this is done over the last three years of employment (or the entire subscription period if the service period is shorter), while for private sector employees, it is computed over the last five years of employment. If it's shorter than that, the whole subscription term.

Multiplying the annualized subscription account wage for the most recent three or five years of employment by twelve months yields the average, whichever is applicable to the industry in question. After then, the average salary subscription is calculated by dividing the total by the number of months worked, in this case 36 months for public sector employees and 60 months for private sector employees.

The last and third stage is to figure out how much of a pension or bonus you'll get. Pension is determined by averaging the insured's salary over a certain number of years of service. After 20 years of service, the insured receives 70% of their average salary as a pension. After 20 years, the insured receives a 2% increase for every year beyond 20. In some cases, the insured receives a 60% increase for 15 years of service. After 35 years of service, the insured receives a 100% increase for their pension. Any year beyond 35 years of service is also granted a 100% increase. A bonus equal to three salary increments is paid out of the pension fund to the insured.

In light of the foregoing, let us suppose that after 20 years of service, an employee's average subscription account income is 22,166 dirhams. After he retires, his pension will be 70% of his average subscription account salary (as determined by his years of service), which is calculated as (22,166 x 70%), or 2,266,000. The projected amount of his pension is 15,516.2 dirhams.

Workers in both the public and private sectors are entitled to an end-of-service bonus based on their average salary. This average salary is the same as the one used to calculate the pension, so an insured person can expect to receive a bonus equal to half a month's salary for every year of service during the first five years. To determine the bonus, it is calculated as follows: two months for every year of service after the first five, and three months for every year beyond that. It should be mentioned that the bonus eligibility period begins at one year of employment and continues until the employee reaches 19 years and 11 months. However, if the employee puts in an extra day, he will have to complete the pension eligibility period because the law forces the part of the month to be a full month.

About Author

Abdallah Shahin
Abdallah Shahin
675 Total posts


Read Also

Business
Future Jobs in Emirates: The labor market is a criterion for choosing a field of study

Academic advisors have verified that the labor market has experienced significant transformations in recent years, profoundly impacting university majors. These changes have redirected students' focus towards emerging majors that were previously...

Business
Dubai Police announces 150 vacancies

By announcing the availability of 150 job opportunities for national and reserve service recruits, the Dubai Police General Command is providing these individuals with the opportunity to become part of an innovative and advanced police work...

Business
UAE jobs: Emirates hotels provide 4,000 new jobs

The best hotels in the Emirates provide employment opportunities for thousands of job seekers. job seekers in the uae hotels

Business
Dubai: A company made 16 of its workers millionaires in their honor

In Dubai, a company has made sixteen of its employees millionaires in their honor.

Business
Dubai Court: Worker compensation of 500 thousand UAE dirhams

The Dubai Civil Court has issued a ruling that mandates a restaurant and two of its supervisors to provide a sum of 500,000 dirhams to a worker who sustained a wrist-level amputation as a result of their right hand slipping into a meat-mincing...

Business
What happens after applying for a work permit in Canada?

Prior to coming to Canada, it is necessary to submit an application for a work permit. Foreign workers who wish to apply for a visa while located outside of Canada will be required to submit their application to a visa office situated outside of...

Business
UAE: the details of the 10-year golden commercial license for expatriates

The United Arab Emirates has announced a golden commercial license for expatriates that is valid for ten years.

Business
UAE: Important statement to citizens and residents when purchasing from sales outlets

Abdullah Sultan Al Fan Al Shamsi, the Assistant Undersecretary of the Ministry of Economy for the Commercial Control and Governance Sector, emphasized the importance of consumers retaining purchase invoices. This is crucial as these invoices serve as...

Business
Dubai: A fine of 100,000 dirhams will be imposed on the establishment owner who violates the labor law

The Dubai Court of First Instance issued a second ruling against the establishment owner for violating the Emiratisation policy in the "Nafes" program. The owner was fined 100,000 dirhams for engaging in fraudulent Emiratisation practices....

Business
The UAE announces the details of reducing working hours in Ramadan for the public and private sectors

Workers in the private sector will have a two-hour break each day during the holy month of Ramadan, according to an announcement by the country's Ministry of Human Resources and Emiratisation.

Business
UAE: Banks warn against closing credit cards in this case

Banks in the country will close credit cards with balances exceeding the allowed credit limit starting May 1st, as per new terms and conditions sent to customers, a copy of which was obtained by Emirates Today.

Business
UAE: Announcing an increase in gasoline and diesel prices starting in March

The Fuel Prices Monitoring Committee has authorized a rise in gasoline and diesel prices for March 2024, with an increase ranging from 15 to 16 fils per liter for gasoline and 17 fils per liter for diesel compared to February 2024 pricing.

Business
Bitcoin price reaches $60,000 and is approaching its highest level

The price of Bitcoin is close to reaching its highest price, as it is currently at $60,000

Business
UAE: Announcing job opportunities with salaries from 5,000 to 20,000 dirhams

The portal "Kaddar", linked to the Human Resources Department in Ajman, provided job opportunities for citizens in various government and private sectors in the emirate. The Majid Al-Futtaim Group announced 15 job openings with wages...

Business
Canada announces lucrative job opportunities that do not require a certificate

Canada announced that there are many good jobs that can be accessed without a university degree, and these are some of them:

Business
Urgent UAE: Categories excluded from the provisions of the “New Pensions Law”

The General Pensions and Social Security Authority stated that Decree Law No. (57) of 2023 applies to citizens entering the workforce for the first time starting from October 31, 2023, with any employer in the federal government or local...

Business
Urgent UAE: The employer will be fined from 50 thousand dirhams to 200 thousand dirhams in this case

The Ministry of Human Resources and Emiratisation has cautioned private sector businesses and employers not to hire persons without valid work permits from the Ministry, even for trial employment, whether in businesses or as support staff.

Business
Abu Dhabi: Ruling that a female employee is entitled to compensation amounting to 120 thousand dirhams

The Abu Dhabi Family, Civil and Administrative Claims Court mandated a corporation to pay an employee 120,000 dirhams for breaching an employment contract where she was supposed to work for a salary of 37,000 dirhams. After the company requested...

Business
Dubai announces good news after reaching its highest level in 10 years

Dubai recently shared positive news regarding the Dubai Financial Market Index, which reached its highest point in over a decade at the close of trading two days ago. This increase was driven by strategic purchases of prominent stocks with robust...

Business
Dubai: fining the owner of the facility of 100 thousand dirhams

After finding the facility owner guilty of misusing a declaration of work for an unauthorized purpose, a first-degree court in Dubai fined him 100,000 dirhams.

Urgent.. The UAE announces the start of implementing job nationalization goals in the private sector