H.E. Mubarak Al Mansoori: The UAE is the first Arab country to measure its pension indicators in the 2024 Mercer Global Pension Index

Abu Dhabi, 17^th October 2024 – The UAE is the first Arab country and the 23^rd globally to have its pension indicators measured in the 2024 Mercer Global Pension Index (MCGPI) report, confirmed His Excellency Mubarak Rashed Al Mansoori, Chairman of the Board of Directors for the General Pension and Social Security Authority (GPSSA).

The MCGPI reports benchmark pension income systems around the world and suggest possible areas of reform 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 16^th annual Mercer CFA Institute Global Pension Index (MCGPI) a report was released by Mercer, a business of Marsh McLennan (NYSE: MMC) and CFA Institute, comparing 48 retirement income systems across the world, 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 4^th year in a row, ranking 23^rd globally.

Due to the nation’s articulate governance structure, it was announced at the 16^th 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.

As a result of the nation’s high level of governance structure and generous retirement benefits, H.E. Al Mansoori stated that the UAE’s retirement income system has improved its score for the 4^th year in a row, recording improvements in adequacy with a score of 77.1 and ranking 12^th globally in 2024, while scoring 75.3 and ranking 25^th 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, “said Al Mansoori,

In the past few years, the GPSSA has worked tediously to partner with various stakeholders as part of its proactive financial approach to enhance investment opportunities and elevate the management of resources and assets to provide future generations with attractive insurance benefits.