(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 24th November, 2022 (WAM) -- Insurance shares distributed amongst beneficiaries is one of the most essential privileges in the Federal Law No. 7 of 1999 for pension and social security, announced the General Pension and Social Security Authrotiy (GPSSA) on Thursday.
The authority stressed that shares are distributed to the daughter, sister, or mother if they are widowed or divorced and to the son or brother if they are disabled.
Pension shares are distributed to the heirs once the pensioner is deceased, given that those heirs do not earn a salary or receive their own pension. Shares are distributed without prejudice to each eligible beneficiary.
As the 'Discover Your Advantages' awareness campaign comes to an end, the GPSSA highlighted the fact that the distribution of shares to beneficiaries is detailed in Article 31 of the law, which clarifies the entitlement and exclusion conditions amongst heirs upon the decease of a pensioner, regardless of whether the pensioner was a father or a mother. If any of the entitlement cases are renewed after a period of time, a share will be created from the authority's treasury without affecting the shares of other beneficiaries to whom the pension was previously distributed upon the pensioner's death.
For example, if the pensioner's daughter was married at the time of her father's passing, she is not entitled to receive a share in his pension. However, if she becomes divorced or widowed after his decease, the law allows her to receive a share from GPSSA's treasury without affecting the shares of the other beneficiaries.
According to the law, payment of shares to the heirs on the pensioners' decease is similar to the original shares distributed. Entitled sisters and brothers receive an equal number of shares per the pension law.
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