HH Sheikh Hamdan bin Rashid Al Maktoum chairs Board Meeting of Directors of UAE's General Pensions and Social Security Authority

The meeting was attended by HE Obaid Humaid Al Tayer, Minister of State for Finance, the GPSSA Deputy Chairman and members of the Board. These included HE Saqr Ghobash, Minister of Labor, HE Mariam Al Roumi, Minister of Social Affairs, HE Abdulla Humaid Al Mazrui, HE Younis Haji Khouri, Director General the Ministry of Finance, Dr. Ali Ibrahim Al Hosani, Acting Director General of the Ministry of Justice and HE Rashid Abdul Karim Al Balushi, Deputy Executive Director of the Abu Dhabi Securities Market. The meeting was also attended by HE Muzaffar Alhaj Muzaffar, Director General of the GPSSA and HE Abdulrahman Ali Yousef Al Baker, Deputy Director General of the governmental sector of the GPSSA.

The board of directors sanctioned all key decisions taken at their previous meeting on May 28, 2009 and reviewed steps taken by the GPSSA to implement those decisions. They also reviewed the decisions and activities of the GPSSA Executive Committee taken at the Committee's 16th and 17th meetings. In addition, they sanctioned some of the Committee's recommendations aimed at growth and development of performance, efficiency and excellence in the quality of public services.

The board approved the second quarter interim financial statements for 2009, prepared by the external auditor appointed by the GPSSA Board of Directors.

The Board also approved GPSSA's budget for the fiscal year 2010. Total revenues estimated are approximately Dhs6,066,987 compared to Dhs5,363,338 in 2009. Total payments and charges estimated are approximately Dhs1,622,612, with an expected net surplus of Dhs4,444,375.

The board of directors also reviewed the amendments made to GPSSA's new organizational structure, in line with recommendations of the Office of the Presidency. A new draft organizational structure has been recommended to the Council of Ministers for approval and issuance and is expected to be released soon by the government.

At the end of the meeting, HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and Chairman of GPSSA, thanked the Board of Directors and all its employees for their efforts to serve and provide protection, security and social justice for the present and future of citizens, the participants, retirees and their beneficiaries.

HE Muzaffar Al Haj Muzaffar, Director General of the GPSSA, said:

"The Authority covers a large number of employees in government and private sector. It has 73,000 registered citizens, including 11,000 from the private sector, and 23,000 beneficiaries on its roster."

"Nearly Dhs1,556,000 Dirhams have been allocated to pay the pensions and compensation to all retirees in 2010," he added