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ABU DHABI - Mubarak Rashed Al Mansoori, Chairman of the Board of Directors for the General Pension and Social Security Authority (GPSSA), said that the UAE is the first Arab country and the 23rd globally to have its pension indicators measured in the 2024 Mercer Global Pension Index (MCGPI) report.
The MCGPI reports benchmark pension income systems worldwide and suggests possible reform areas that provide more adequate and sustainable retirement benefits. Accordingly, the UAE's milestone achievement will support its aim to elevate the quality of life for Emiratis, who are considered a priority in the UAE government's development process.
As part of the 16th annual Mercer CFA Institute Global Pension Index (MCGPI), a report was released by Mercer, a business of Marsh McLennan (MMC) and CFA Institute, comparing 48 retirement income systems worldwide covering 65% of the world's population.
The report, which measured indicators of the GPSSA, alongside the Abu Dhabi Pension Fund and the Sharjah Social Security Fund, showed that the UAE has displayed tremendous improvement in its pension system for the fourth year in a row, ranking 23rd globally.
Due to the nation's articulate governance structure, it was announced at the 16th annual MCGPI that the UAE's index value increased from 62.5 in 2023 to 64.8 in 2024 as a result of deciding to increase the pension age of Emiratis since life expectancies have risen, thus promoting more lucrative pension benefits for Emirati households.
Al Mansoori stated that the UAE's retirement income system has improved its score for the fourth year in a row, recording improvements in adequacy with a score of 77.1 and ranking 12th globally in 2024, while scoring 75.3 and 25th globally for the integrity of its pension scheme.
"Despite the fact that the MCGPI benchmarks retirement income systems around the world, the index represents a broader strategy for the government and its emphasis on providing numerous benefits to Emiratis across various sectors such as education, health, housing and other social services. Pension and insurance are considered one of those priority areas that aim to improve the overall quality of life for its nationals by offering more sustainable pension solutions," he added.