Dubai: Sheikh Mohammed announces new law on pension funds – News
It aims to support Dubai’s vision in the social sector of pensions and social security
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, issued Law No. (7) of 2022 on Local Military Pensions and Social Security Fund in Dubai, in the part of an initiative to support the vision in the field of social security and pensions and ensure the implementation of best practices.
The Fund also aims to improve the quality of the services offered to its beneficiaries and to ensure respect for all the rights and insurance needs of contributors, retirees and their dependents at the Fund.
By law, the Director General of the Department of Finance (DoF) is responsible for overseeing the administrative, technical and financial affairs of the Fund. In addition, the Chairman of the Dubai Executive Council will issue a decision to appoint an Executive Director for the Fund.
In addition, all liabilities and assets of the DoF’s Local Military Pensions and Social Security Division will be transferred to the Fund, once the law comes into force.
This Act repeals Executive Council Resolution No. (25) of 2006 establishing the Local Division of Military Pensions and Social Security, and any other legislation that may contradict it.
Law No. (7) of 2022 is effective from the date of publication and will be published in the Official Gazette.
READ ALSO :