In his capacity as Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, has issued Law No. (7) of 2022 on local military pensions and the social security fund in Dubai.
The move seeks to support Dubai’s vision in implementing best practices for social security and pensions, while also seeking to improve the quality of services offered to its beneficiaries.
The law seeks to ensure that all the rights and insurance needs of contributors, pensioners, and their beneficiaries in the social security fund are met.
According to the law, the director-general of the Department of Finance (DoF) has been tasked with overseeing the administrative, technical, and financial affairs of the fund.
In addition, the chairman of the Executive Council of Dubai will issue a decision to nominate an executive director for the Fund.
All liabilities and assets of the local military pensions and social security division at the DoF will be transferred to the fund, once the law comes into effect.
Furthermore, the law annuls Executive Council Resolution No. (25) of 2006 pertaining to the creation of the local military pensions and the social security division, as well as any other legislation that may contradict with it. Law No. (7) of 2022 is effective from the date of issuance and will be published in the Official Gazette.
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