GPSSA introduces ‘Wafra’ project to enhance the financial literacy

The General Pension and Social Security Authority (GPSSA) has launched the “Advanced System for Proactive Financial Planning,” known as “Wafra,” as part of its second cycle of transformational projects.

This initiative aims to improve financial literacy among those covered by pension laws through training programs, workshops, and awareness campaigns focused on proactive financial planning, savings, and early investment.

The project seeks to foster a culture of proactive savings among pension law members, encouraging participants to engage in training programmes and workshops that promote financial independence beyond reliance on pensions.

The UAE government’s commitment to transformational projects aligns with its vision of adopting innovative governmental models that enhance national competitiveness. These projects aim for significant impacts across various sectors, leveraging advanced technology and strategic partnerships.

Transformational projects highlight proactive performance and employ accelerated technology that facilitates the work of government entities to best serve the UAE community and empower individuals, thereby fulfilling the nation’s goal to become a developed cultural and social hub.

Through agreements with the Abu Dhabi Global Market Academy and the Jahez platform, “Wafra” will provide financial awareness workshops and interactive master classes. These efforts aim to prepare government talent for the future and boost global competitiveness.

Wafra aims to raise financial planning awareness by 60 per cent by training over 10,000 insured individuals, including new contributors, long-term employees, and university students entering the job market. The goal is to equip citizens with essential skills for managing their finances.

The initiative encourages best practices for financial stability, supported by the Ministry of Human Resources and Emiratisation, the Federal Authority for Government Human Resources, business owners, higher education institutions, and the media.

Launched in three phases, Wafra began in November 2023 with targeted financial planning programmes. This was followed by savings and investment awareness initiatives in January 2024, in coordination with relevant authorities.

Meanwhile last week the General Pension and Social Security Authority (GPSSA) and the Abu Dhabi Global Market Academy (ADGMA) have signed a Memorandum of Understanding (MoU) to enhance financial literacy among insured Emiratis and promote proactive financial planning for a secure and sustainable lifestyle.

Under the agreement, Abu Dhabi Global Market Academy will offer financial planning advice to GPSSA stakeholders, focusing on optimizing investment opportunities and asset management in line with GPSSA’s financial planning regulations.

Faras Al Ramahi, GPSSA’s Director-General, highlighted that the MoU aligns with national efforts to boost financial awareness among Emiratis across federal, government, and private sectors.

This agreement, he said, underscores the authority’s commitment to advancing financial literacy, which is essential for maintaining global competitiveness and empowering the workforce with crucial skills in a rapidly evolving information landscape.

Hamad Sayah Al Mazrouei, Chairman of the Abu Dhabi Global Market Academy Board of Directors, said, “Signing this strategic agreement represents national efforts by government authorities to implement enhanced social protection schemes for Emiratis by encouraging insured employees to learn more about high-level insurance schemes provided by the GPSSA.

He added that ADGMA plans to provide training programmes that strengthen the knowledge and skills of Emirati employees in the fields of finance, business, banking, and investments to build a financially secure knowledge-based economy.