GPSSA recommends autonomy for social security organizations across the Arab world

The forum entitled "Empowering Young Enterprise through Social Security Funds" was organised by the Arab Labour Organization (ALO) in cooperation with Syrian Ministry of Social Affairs and Labour. Participants to the seminar included senior officials of the social security corporations across the Arab world, International Labour Organization, International Federation for Arab Labour Syndicates, Chambers of Commerce, Industry and Agriculture from Arab countries and respected international experts on social security issues.

Mr. Abdul Rahman Al Baqer, Deputy General Manager, who led the GPSSA delegation to the forum, said: "The participants stressed the importance of allowing Arab social security organisations to freely choose the most feasible investment options. The GPSSA works in line with the UAE government's endeavour to ensure a financially stable lifestyle for all UAE citizens, and provides them with long-term security and a stable economic environment."

"The forum discussed various critical issues, including ideal investment options for pension funds, the role of social security in establishing an Arab investment corporation that supports production joint ventures between the public and private sector, defining and activating a social security strategy for the Arab world and outlining the impact of upcoming developments in the field," added Mr. Al Baqer.

Participants explored the expansion of the scope of social security, the introduction of new vehicles and options for investment of social security funds, investing in small business incubators and start-up companies, development of vocational training centres, reinvigorating Arab labour and investing more funds for their empowerment.

A need was felt amongst most participants for the adoption and offering of varied types of social security schemes, especially for unemployment benefits, most needed to cushion the impact of privatization policies in an increasing competitive world.

Social security officials from the Arab world called for the establishment of a coordination committee that would bring together Arab social security organizations and allow sharing of expertise and knowledge. It called for social security agreements across the Arab world and for the upgrading of information technology systems and updating of financial, economic and social statistics available via the ALO.