Abu Dhabi: In a quest to support UAE-based private sector employers to fulfil their obligation regarding pension contributions on behalf of their Emirati employees, the General Pension and Social Security Authority (GPSSA) has signed a memorandum of understanding (MoU) with the Etihad Credit Bureau, the data technology federal entity known to simply information and reveal powerful financial insights.
The partnership enables insight-driven decision making, as GPSSA leverage the Bureau’s advanced credit data products to evaluate the financial wellness and stability of the private sector in fulfilling their pension contribution obligations, which correlates with GPSSA’s proactive service approach and contribute to the UAE governments mission to ensure sustainability and globally competitiveness.
During a ceremony attended by key executives from both corporations, H.E. Faras Al Ramahi, GPSSA’s Director General, said: “The General Pension and Social Security Authority continuously looks for new and innovative ways to elevate operational capabilities and the exchange of data and digital connectivity. This collaboration not only correlates with the UAE’s directives to encourage fruitful partnerships, it also provides high quality digital services and an excellent technical infrastructure, while fulfilling our proficient mission to gain knowledge and expertise from some of the most prominent government entities in the nation.”
H.E. Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau, said: “This initiative goes far beyond the focus on credit facilities – extending to financial health, security and stability in the government and private sector. By enabling these insights, we anticipate increased clarity and accountability towards supporting the market in meeting their payment contributions to the Pension Authority.”
Both parties have implemented a robust database exchange framework which outlines the supply of information, statistics and descriptive data analytics, while identifying best practices that promote a current and futuristic sustainable digital transformation process for all stakeholders alike.
About General Pension and Social Security Authority (GPSSA):
The General Pension and Social Security Authority (GPSSA) was established in accordance with Federal Law No. (6) of 1999. The GPSSA is an independent body with a legal responsibility and future budget affiliated to the Ministry of Finance.
The GPSSA implements the provisions of both Federal Law No. (7) of 1999 regarding pension and social security and its amendments, and Federal Law No. (57) of 2023 regarding pension and social security and its amendments and is also entrusted to implement the provisions of the Unified Extension Protection System in accordance with Cabinet Resolution No. (18) of 2027 issued by the Council of Ministers on 22nd July 2007.
About “Etihad Credit Bureau”:
Etihad Credit Bureau” is a federal entity wholly owned by the federal government of the United Arab Emirates. It has been established as per the Federal Law No. (6) of 2010 regarding credit information and its amendment by the Federal Decree Law No. 8 of 2020. Under this law and its amendments, the company shall be responsible for requesting and organizing the process of collection, preservation, analysis, classification, use and publication of credit information. After that, this information shall be produced into a variety of credit-related products within a fully digital process.