ABU DHABI- The General Pension and Social Security Authority and the Abu Dhabi Retirement Pension & Benefits Fund announced that the grace period has been extended for private-sector employers wishing to postpone the payment of retirement subscriptions of their employees for further three months starting as of June 2020 until August 2020 without charging any additional fees to such entities.
The decision to extend the postponed payment of subscriptions was issued within the framework of the comprehensive strategy adopted by the UAE to support the private sector business entities. In addition, the decision was issued to provide all the possible facilities to such entities, in alignment with the Wise Leadership’s guidelines and in harmony with the package of economic incentives announced to alleviate the consequences of the Coronavirus Disease, COVID-19.
According to the decision, the postponed payment of monthly subscriptions will be extended for business entities wishing to make use of such facilities starting from June 2020 subscriptions, which will be payable early in July 2020. Provided that a mechanism will be developed for the payment of subscriptions which will be postponed during the upcoming period, without charging the business entities any additional fees for the postponed periods.
Mohamed Saif Alhameli, the General Director of the General Pension and Social Security, asserted that business entities are the most important strategic partners of the Authority. Continuing to permit the postponement of monthly subscriptions payment reflects the Authority’s great concern for the interests of such entities, particularly in the light of the effective role played by the private sector institutions in the success of the Insurance Work System in the United Arab Emirates.
On the other hand, Khalaf Abdullah Rahma Al Hammadi, General Director of Abu Dhabi Retirement Pension & Benefits Fund, asserted that the Fund highly prioritizes the interests of the business entities registered with the Fund with view to provide all means of support for such entities during the current circumstances, as per the guidelines of the Wise Leadership and in line with the strategies adopted by Abu Dhabi Emirate to protect all the governmental and private sector entities from the economic consequences brought about by the Coronavirus epidemic.
It is planned to start receiving new applications for extending the postponement of subscriptions payment, as of July 1, 2020. The relevant business entities wishing to benefit from the postponement decision may submit applications to the General Pension and Social Security Authority and Abu Dhabi Retirement Pension & Benefits Fund through the respective channels.
The Authority and Abu Dhabi Retirement Pension & Benefits Fund allowed the private sector business entities (federally and at the level of Abu Dhabi Emirate) early in March 2020 to submit applications to postpone the payment of monthly subscriptions for three renewable months.
© Copyright Emirates News Agency (WAM) 2020.