Latest news with #FarasAbdulKarimAlRamahi
Arabian Business
12 hours ago
- Business
- Arabian Business
UAE GPSSA waives pension penalties for 1,906 small private employers
The UAE's General Pension and Social Security Authority (GPSSA) has launched an initiative to exempt small private sector employers from penalty payments related to registration delays and end-of-service processing failures. The programme targets 1,906 small private sector employers covered by federal pension laws who employ no more than four Emirati nationals. These businesses will receive waivers for penalties incurred between January 1, 2024 and April 30, 2025, the Emirates News Agency (WAM) said in a statement. UAE pension authority waives penalties for small private employers The GPSSA designed the initiative to support small private sector businesses, which contribute to job creation and economic diversification within the UAE. The authority expects the financial relief to enable these companies to reinvest in growth and contribute more to the nation's GDP. The waiver forms part of efforts to strengthen Emiratisation within the private sector. By reducing financial pressures on small businesses, the initiative aims to enhance their capacity to attract and retain Emirati nationals. Faras Abdul Karim Al Ramahi, Director-General of the General Pension and Social Security Authority, said the initiative demonstrates GPSSA's commitment to supporting the business sector. 'This initiative aims to create a supportive environment for small businesses, enabling them to focus on growth and success. These companies are incubators of innovation and key sources of creativity and job opportunities for UAE nationals, contributing to social and economic stability. This step aligns with our wise leadership's vision and tireless efforts to eliminate bureaucracy, streamline processes, and ease burdens on the business sector, enhancing the country's business environment and attracting more investment,' Al Ramahi said. He added that the step aligns with the leadership's vision to eliminate bureaucracy and streamline processes for the business sector, which will enhance the country's business environment and attract more investment. The GPSSA will contact eligible businesses directly under the 'Zero Government Bureaucracy' programme, requiring no action from employers. Companies that do not receive direct notification are not included in the initiative. The authority will review any penalty payments outside the specified timeframe on a case-by-case basis, considering individual circumstances. This approach reflects GPSSA's commitment to balance public interest with the needs of those who depend on its services. While providing this relief, the GPSSA emphasised the importance of compliance with pension and social security laws. The authority commits to helping small businesses remain compliant by providing guidance and resources to help employers understand their legal responsibilities and meet insurance requirements.
Sharjah 24
15 hours ago
- Business
- Sharjah 24
GPSSA exempts private employers from additional amounts
Supporting small businesses The initiative is a key part of GPSSA's efforts to support small private sector businesses, which play a vital role in the national economy as a major source of job creation and a driver of economic diversification. By reducing their financial burdens, the initiative helps these businesses improve financial stability, reinvest in their growth, and contribute more to the GDP. Enhancing Emiratisation efforts The waiver specifically aims to bolster Emiratisation efforts within the private sector. By easing financial pressures on small businesses and enabling local talent, it enhances their ability to attract and retain Emirati nationals as integral members of their workforce. Targeted support The initiative targets approximately 1,906 small private sector employers with no more than four Emirati nationals in their workforce. This ensures that support reaches those who need it most and can make the greatest impact. The waiver covers additional amounts incurred between January 1, 2024, and April 30, 2025. Any payments outside this period will be reviewed on a case-by-case basis, reflecting GPSSA's commitment to balancing public interest with the specific needs of those reliant on its services. Commitment to economic growth Faras Abdul Karim Al Ramahi, Director-General of GPSSA, affirmed that this initiative demonstrates GPSSA's commitment to supporting the business sector, which is the lifeblood of the national economy. He explained that it reduces financial burdens on small businesses, recognizing their significant role in driving sustainable and inclusive economic growth in the UAE. Creating a supportive environment Al Ramahi stated, 'This initiative aims to create a supportive environment for small businesses, enabling them to focus on growth and success. These companies are incubators of innovation and key sources of creativity and job opportunities for UAE nationals, contributing to social and economic stability." He emphasized that this step aligns with the vision of UAE leadership to eliminate bureaucracy and streamline processes in the business sector. Direct communication with eligible businesses The GPSSA confirmed that eligible small businesses will be contacted directly, with no further action required on their part, as this initiative is part of the 'Zero Government Bureaucracy' program. Businesses that do not receive a direct notification are not included in this initiative. Adherence to legal responsibilities The GPSSA emphasized the importance of adhering to pension and social security laws, reaffirming its commitment to helping small businesses remain compliant. Support includes providing clear guidance and resources to help employers understand their legal responsibilities and meet insurance requirements, ensuring the rights of both employees and employers are protected.
Khaleej Times
17 hours ago
- Business
- Khaleej Times
UAE: No fines for small companies on late registration of Emirati employees
Some UAE companies will be exempted from fines for late registration of Emirati employees. The initiative, which targets small businesses employing four or fewer UAE nationals, will be granted a waiver from additional amounts incurred due to delays in registering insured employees or failing to process end-of-service cases within the required timeframes. The move by the General Pension and Social Security Authority (GPSSA) will benefit approximately 1,906 small private-sector employers and cover fines incurred between January 1, 2024 and April 30, 2025. It is part of GPSSA's efforts to support small private sector businesses, which play a vital role in the national economy. By reducing their financial burdens, the initiative enables these businesses to improve their financial stability, reinvest in growth, and make a greater impact on the national economy, thereby contributing more to the GDP. "This initiative aims to create a supportive environment for small businesses, enabling them to focus on growth and success,' said Faras Abdul Karim Al Ramahi, director general of GPSSA. 'These companies are incubators of innovation and key sources of creativity and job opportunities for UAE nationals, contributing to social and economic stability. "This step aligns with our wise leadership's vision and tireless efforts to eliminate bureaucracy, streamline processes, and ease burdens on the business sector, enhancing the country's business environment and attracting more investment." Eligible small businesses will be contacted directly, with no further action required on their part, as part of the 'Zero Government Bureaucracy' programme. Businesses that do not receive a direct notification are not included in this initiative. The authority also emphasised the importance of adhering to pension and social security laws, reaffirming its commitment to helping small businesses remain compliant. Support includes providing clear guidance and resources to help employers understand their legal responsibilities and meet insurance requirements, ensuring the rights of both employees and employers are protected.
Hi Dubai
17 hours ago
- Business
- Hi Dubai
GPSSA Exempts Small UAE Businesses from Penalties to Boost Economic Growth
The General Pension and Social Security Authority (GPSSA) has announced a new initiative exempting small private sector employers from financial penalties related to delayed registration of insured Emirati employees or missed end-of-service processing, aiming to ease burdens and fuel economic growth. This measure targets 1,906 small businesses with four or fewer Emirati employees, offering relief from additional amounts incurred between January 1, 2024, and April 30, 2025. GPSSA will review any obligations outside this window on a case-by-case basis. The initiative is part of broader efforts to support small enterprises, which GPSSA recognizes as central to job creation, innovation, and economic diversification in the UAE. By lightening financial loads, these businesses are better positioned to reinvest, grow, and contribute to national GDP. Crucially, the waiver supports Emiratisation by enabling small firms to attract and retain UAE nationals without the added pressure of compliance-related penalties. Faras Abdul Karim Al Ramahi, Director-General of GPSSA, said the move reflects the authority's alignment with the country's leadership vision of cutting red tape and fostering a business-friendly environment. 'This initiative aims to create a supportive environment for small businesses, enabling them to focus on growth and success,' he noted. Eligible businesses will be contacted directly by GPSSA and need take no action, as the initiative is rolled out under the 'Zero Government Bureaucracy' programme. GPSSA reaffirmed its commitment to helping small businesses remain compliant by providing guidance on pension and insurance obligations, protecting the rights of both employers and employees. News Source: Emirates News Agency
