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    Tuesday, May 17, 2022

    Dubai: Sheikh Mohammed announces new pension fund law

    Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Law No. (7) of 2022 on Local Military Pensions and Social Security Fund in Dubai, in a move that seeks to support Dubai’s vision in the domain of social security and pensions and ensure the implementation of best practices.

    The Fund also seeks to improve the quality of services offered to its beneficiaries and ensure that all the rights and insurance needs of contributors, pensioners and their beneficiaries in the Fund are met.

    According to the Law, the Director-General of the Department of Finance (DoF) is tasked with overseeing the administrative, technical and financial affairs of the Fund. In addition, the Chairman of The Executive Council of Dubai will issue a decision to nominate an Executive Director for the Fund.

    Furthermore, all liabilities and assets of the Local Military Pensions and Social Security Division at the DoF will be transferred to the Fund, once the Law comes into effect.

    This Law annuls Executive Council Resolution No. (25) of 2006 pertaining to the creation of the Local Military Pensions and Social Security Division, and any other legislation that may contradict with it.

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