GPSSA: Payment of Private Sector Companies Subscriptions delayed for Three Months
31 March 2020
Abu Dhabi, March 31, 2020: General Pension & Social Security Authority (GPSSA) stated that it would allow subscriber private sector companies to defer the payment of subscriptions to the Authority for their staff for three months starting as of March and ending in May 2020. This period will be extendable based on the Authority's assessment of the current situation and based on the announcement of the updates after the end of the grace period.
GPSSA asserted that the insurance scheme it follows is a takaful (solidarity) insurance scheme in the first place. It is the most appropriate time to activate such takaful scheme where the entire world, in general, and the business sector, in particular, are significantly suffering because of Coronavirus (COVID-19). The Authority deems business entities as strategic partners whose interests must be taken into consideration with view to their effective role contributing to the success of the Insurance Work System in the United Arab Emirates. Hence, the Authority will work hard to provide all the possible facilities to enable them to continue playing their vital and effective roles.
It is worth mentioning that the beneficiary business entities of the decision are 6,159 out of 6,502 business entities registered with the Authority. In addition, the beneficiary insured persons are 20,269 out of 89,361 subscriber insured persons registered with the Authority, as per the statistics of the Authority for February 2020.