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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

GPSSA clarifies conditions of insured individuals

GPSSA retains the right to collect its debts ahead of any other owed amounts. (WAM)
  • Emirati nationals should not be less than 18 years old nor over 60.
  • Entities operating in the field of tourism and hotels, including in the free zones, who employ Emiratis are all subject to the provisions of the law.

ABU DHABI, UAE – The General Pension and Social Security Authority (GPSSA) said that the registration of insured individuals in the private sector with the authority is the first step towards receiving benefits as part of GPSSA’s social insurance system.

This is in addition to benefits provided by the NAFIS program for employees in the private sector.

Mohamed Saqer Al Hammadi, Head of GPSSA’s Pension Operations, explained that registration for citizens working in the private sector is mandatory under the provisions of Federal Law No. 7 of 1999 for Pensions and Social Security and its amendments, which obliges employers to register an insured person immediately upon joining work, when the conditions apply.

On the rights of employees in the private sector who are affiliated with the NAFIS initiative, Al Hammadi explained that Emirati nationals should not be less than 18 years old nor over 60 and must be medically fit at the time of appointment, based on a medical report issued by a certified medical provider approved by the GPSSA.

The insured must be a UAE national, and this includes individuals who obtain the nationality at any time.

He said, “All UAE based employers in the private sector are subject to the provisions of the pension law with exception to Abu Dhabi who are subject to the Abu Dhabi Pension Law, including all their branches in other parts of the UAE.”

Free zones and entities operating in the field of tourism and hotels who employ Emiratis are all subject to the provisions of the law.

These companies need to verify their legal position and register their Emirati employees with the GPSSA.