ABU DHABI, The Abu Dhabi National Oil Company, ADNOC, signed today, an agreement with Abu Dhabi Retirement Pensions and Benefits Fund, ADRPBF, to improve the pension offering of ADNOC's UAE national employees, the majority of which are based at onshore and offshore operational sites.
The signing of the agreement was witnessed by H.H Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office. The agreement was signed by Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, and Jassim Mohammed Buatabh Al Zaabi, Chairman of ADRPBF.
Under the terms of the agreement, up to 80 percent of ADNOC's UAE national employees' gross salary will be included in the pensionable salary on retirement, resulting in an increase of more than 20 percent in the pension salary that was applicable before this agreement.
ADNOC will cover the cost of the pension contributions from previous years, amounting to AED14 billion, in appreciation for the hard work and dedication of its 24,000 UAE national employees.
Sheikh Khalid bin Mohamed commended ADNOC and ADRPBF on their efforts over the last two years to drive the enhanced pension offering for UAE national employees and ensure their financial stability after retirement. He noted the agreement closely aligns with the UAE leadership's vision to invest in human capital and honours the legacy of the Founding Father of the UAE, Sheikh Zayed bin Sultan Al Nahyan.
Commenting on the signing, Dr. Al Jaber said, "We are very pleased to partner with Abu Dhabi Retirement Pensions and Benefits Funds to enhance the pension offering of ADNOC's UAE national employees, in line with the wise directives of the UAE's leadership. The agreement underscores ADNOC's commitment to invest in and nurture a highly-skilled and qualified Emirati workforce that will cater for its future growth.
"ADNOC employees are our greatest and most important asset and we are glad to have the opportunity to show our appreciation for the hard work and dedication of our Emirati workforce, who are working across our onshore and offshore assets. It is our firm hope that the new pension offering will reinforce ADNOC's reputation as the UAE's employer of choice and help us continue to attract top Emirati talent."
The agreement takes effect from 1st January 2020, and monthly pension contributions from then will be calculated according to the revised pensionable salary.
For his part, Al Zaabi said, "The agreement comes as part of ADPBF's efforts to achieve the leadership's vision in strengthening the strategic partnership between national institutions, as well as supporting UAE National employees at all levels to secure their future and that of their families."
He noted the agreement contributes to increasing the pension salary and other insurance benefits provided by ADPBF to ADNOC's employees, thus maintaining their standards of living after retirement. Al Zaabi pointed out that the fund will continue its efforts to develop its frameworks, achieve financial sustainability and provide world-leading pension services and benefits.
The signing of the agreement was also attended by Khalaf Abdullah Rahma Al Hammadi, Director-General of ADRPBF and Ghannam Al Mazrouei, Director of Human Capital at ADNOC.
Al Hammadi expressed his pleasure at the agreement with ADNOC. He emphasised ADPBF's keenness to cooperate with national companies to serve registered UAE nationals and secure their rights and future after retirement, highlighting ADNOC is one of ADPBF's most important partners. "ADNOC Group represents our largest customer, with one-fourth of the total insured employees registered with the fund being ADNOC employees," he noted.
The ADRPBF Director-General added that the agreement comes in line with the UAE leadership's vision to provide a decent life for UAE citizens. He highlighted the agreement increases the retirement benefits the fund provides to ADNOC employees and will help maintain their standard of living after retirement and reduce the gap between their current and pension salary.
Source: Emirates News Agency