His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued a decree on the establishment of the Sharjah Social Security Fund (SSSF).
Under the decree, the Fund is established as a public institution with an independent budget in the emirate of Sharjah. The institution enjoys full legal authority and has financial and administrative independence, with its headquarters in Sharjah City. The entity can open offices in other cities of the emirate.
The fund has been established to achieve several objectives. It aims at raising the standard of living for families and the people of Sharjah. The fund aims to acquire a legislative framework that embodies social security, comfort and dignified living,
The fund will also provide regular and stable income for retirees to achieve their basic requirements, providing continuity between current and future generations. It aims at creating professional stability and strengthening the relationship between the employee and his job, and ensures the quality of services provided to beneficiaries.
The Sharjah Ruler, via a radio broadcast, explained who will benefit from the Social Security Fund.
“We must consider all aspects that affect the human including food, drink, loans and this fund will sponsor everything. Those who will benefit from the funds are citizen employees [working in Sharjah government] but I will invest through it [for] unemployed people and people whose salaries [are] not enough.
The specialisation of the fund includes:
Creating a social security strategy in accordance with best practices and global standards;
Management of pension and retirement systems in coordination with government agencies entrusted with the management of their systems for the Fund;
The continuous improvement of services provided to the insured and to the governmental bodies or any other bodies entrusted with the management of their systems for the Fund;
Periodic review of pensions for the purpose of improving them;
Establishing the basis and criteria for ensuring the safe investment of the Fund’s money;
Investing the Fund’s money safely and working on their development within the state or abroad.
Completing the legal actions required for performance of the Fund’s job within the limits permitted by the legislation.
Under the decree, the Fund is established as a public institution with an independent budget in the emirate of Sharjah. The institution enjoys full legal authority and has financial and administrative independence, with its headquarters in Sharjah City. The entity can open offices in other cities of the emirate.
The fund has been established to achieve several objectives. It aims at raising the standard of living for families and the people of Sharjah. The fund aims to acquire a legislative framework that embodies social security, comfort and dignified living,
The fund will also provide regular and stable income for retirees to achieve their basic requirements, providing continuity between current and future generations. It aims at creating professional stability and strengthening the relationship between the employee and his job, and ensures the quality of services provided to beneficiaries.
The Sharjah Ruler, via a radio broadcast, explained who will benefit from the Social Security Fund.
“We must consider all aspects that affect the human including food, drink, loans and this fund will sponsor everything. Those who will benefit from the funds are citizen employees [working in Sharjah government] but I will invest through it [for] unemployed people and people whose salaries [are] not enough.
The specialisation of the fund includes:
Creating a social security strategy in accordance with best practices and global standards;
Management of pension and retirement systems in coordination with government agencies entrusted with the management of their systems for the Fund;
The continuous improvement of services provided to the insured and to the governmental bodies or any other bodies entrusted with the management of their systems for the Fund;
Periodic review of pensions for the purpose of improving them;
Establishing the basis and criteria for ensuring the safe investment of the Fund’s money;
Investing the Fund’s money safely and working on their development within the state or abroad.
Completing the legal actions required for performance of the Fund’s job within the limits permitted by the legislation.
Reporting by Aghaddir Ali
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