Picture for illustrative purposes only. ARCHIVE

A total of 46,651 UAE citizens will receive their pension on Friday (January 26), the General Pension and Social Security Authority (GPSSA) announced. According to the GPSSA, the total pension payout will be Dh748.95 million following an increase of 700 registered members since last month. The UAE’s Pension and Social Security law provides a maximum pension of 100 percent of the contribution account wage to an insured individual with 35 years of employment history.  How to calculate pension in UAE The pension and end-of-service gratuity, paid at the end of employment, are based on the same salary, according to the pension authority. Mohamed Saqer Al Hammadi, Head of Pension Operations at GPSSA, said the pension gratuity is paid once a person’s employment service ends. Currently, the pension plan is only for retired Emiratis. However, expatriates and nationals working in the private sector may subscribe to the Golden Pension plan by National Bonds to get a similar pension benefit. ICA/Expat Media ALSO READ: UAE Golden Pension Plan for expats
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