Insurance Expenditures In 2021 Reach Over AED8 Billion: GPSSA

The General Pension and Social Security Authority (GPSSA) announced that in 2021 the estimated insurance expenditures reached over AED8 billion with an increase of AED499.4 million in comparison to 2020, during which the value of insurance expenditures amounted to AED7.5 billion.

Speaking about the expenditure growth, Mohamed Saif Al Hameli, GPSSA’s Director-General, said, “We constantly work towards increasing the value of financial resources at the GPSSA to meet short-term annual obligations. Each year, all the indicators showcase a steady increase in the volume of financial assets at GPSSA, which supports long-term obligations for stakeholders who highly benefit from the services.”

“We look forward to continuing our quest to achieve sustainability of resources for more decades to come to provide similar top-notch benefits and privileges for the future generation and encourage insured individuals to continue to work for as long as possible to obtain some of the best pension benefits for themselves and their families alike, once retired,” he added.

The total insurance expenditures disbursed to pensioners, beneficiaries (dependents of pensioners) and insured (contributors) affiliated with GPSSA in 2021 amounted to AED3.9 billion, with an increase of AED309.6 million from 2020.

Statistics show that in 2021 the total value of insurance expenditures for pensioners and eligible civil and military dependents, whose files are managed by GPSSA on behalf of the Ministry of Finance, increased by AED189.8 million, reaching over AED4 billion in comparison with 2020.

The GPSSA data shows that the number of individuals benefiting from the expenditures disbursed in 2021 included 25,383 pensioners; 18,102 beneficiaries; 3,816 insured individuals, indicating an increase of 3,110 individuals from 2020.

According to the figures, 17,242 pensioners were covered by GPSSA in 2021, representing 68 percent of the total number of pensioners, while the number of pensioners benefiting from the Ministry of Finance, through GPSSA, reached 6,750 military pensioners at a rate of 27 percent and 1,391 civil pensioners at a rate of five percent.

According to geographical data, the number of pensioners in Sharjah amounts to 6,692, representing 26 percent of pensioners, while the number of pensioners in Dubai is 5,892 at a rate of 23 percent; there are 4,251 pensioners in Abu Dhabi at a rate of 17 percent and 4,185 pensioners in Ras Al Khaimah representing 16 percent of pensioners. Fujairah consists of 1,954 pensioners at eight percent; 1,460 are in Ajman at six percent, and pensioners in Umm Al Quwain amount to four percent with 949 pensioners.

According to data related to gender, 16,597 (65 percent) female pensioners showed a higher percentage than male pensioners who totalled 8,786 at 35 percent. The average age of female pensioners is 65 years, while that of male pensioners is 59.

The distribution of pensioners according to age groups amounted to 90 pensioners aged 22 to 36 at a rate of five percent; 2,715 pensioners aged 37 to 51 at a rate of 57 percent; 14,363 pensioners aged 52 to 66 at a rate of 27 percent; 6,994 pensioners aged 67 to 81 at 11 percent; 1,185 pensioners aged 82 to 96 at a rate of 0.35 percent, and 36 retirees aged 97 to 111 years at 0.14 percent.

The social status data of pensioners indicate that the number of married pensioners is 22,418 (88 percent of the total) while there are 1,818 single individuals at seven percent; 721 divorced at three percent; 369 widowed females at two percent; 42 widowed males at 0.17 percent and 15 separated at 0.06 percent.

Individuals entitled under the authority’s pension scheme show that 8,207 individuals benefited from the disbursement of pensions at a rate of 45 percent of the total number of beneficiaries, while those under the Ministry of Finance amounted to 5,403 (30 percent) military beneficiaries and 4,492 civil citizens at a rate of 25 percent.

According to geographical data, the distribution of eligible beneficiaries from across the Emirates includes 4,065 in Sharjah (22 percent of the total); 3,362 in Ras Al Khaimah (19 percent of the total); 3,113 in Dubai at 17 percent; 3,191 in Abu Dhabi at 18 percent; 1,982 in Fujairah at 11 percent and 1,125 in Ajman at six percent; 632 in Umm Al Quwain at a rate of three percent, in addition to 632 unidentified individuals.

As for the gender of beneficiaries, the number of eligible females is 15,718 at a rate of 87 percent compared to the number of eligible males who total to 2,384 at 13 percent. The average age of female beneficiaries is 52 years, while the average age of males is 20 years, with an average age for both genders at 47.6 years.

The distribution of beneficiaries according to average age groups includes 1,273 between 0 and 14 years at a rate of seven percent and 4,146 aged 15 to 29 at a rate of 23 percent; 2,611 aged 30 to 44 at 14 percent; 2,983 aged 45 to 59 at 17 percent; 4,839 aged 60 to 74 years at 27 percent; 2,027 aged 75 to 89 at a rate of 11 percent and 213 eligible aged 90 to 104 at a rate of one percent, and ten eligible beneficiaries aged 105 to 119 at a rate of 0.06 percent.

According to the social status data of the beneficiaries, statistics indicate that the number of married people out of the total number is 517 eligible at three percent; 8,300 are single at a rate of 46 percent; 1,117 are divorced at six percent; 8,153 are widowed females at 45 percent; 13 widowed males at 0.07 percent and two separated at 0.01 percent.