DOHA: The General Retirement and Social Insurance Authority (GRSIA), in cooperation with Enterprise Qatar, launched ‘Step’ initiative to establish partnership for training retirees and provide them with knowledge and skills to establish their small and medium enterprises (SMEs).
‘Step’ further enhanced Qatari retirees’ standard of living, provided them with additional revenues to mitigate the burden of living expenses and secure opportunities to establish businesses.
It helped retirees, who seek self-substantiation and to catch up the world of small and medium businesses, with information and experience, GRISA said in a statement highlighting its achievements over the past one year. The GRSIA, in cooperation with the Supreme Education Council, also launched a scholarship programme for specialisations designated by the Authority, and organised in collaboration with the Ministry of Administrative Development annual training programmes to improve staff performance and productivity.
The GRISA implemented the system of connectivity and data exchange with over 500 employers to provide contribution data from employers. It created a positive impact on obtaining contribution data in a timely manner and facilitating communication between the GRSIA and those parties.
The Authority also conducted a study on the extent of Qatar’s commitment to International Labour Organisation’s social protection standards.
It participated in the development of the post-2015 Millennium Development Goals on social development, studied legislations issued by the state and their impact on GRSIA’s activities and submitted proposals and perceptions on the issues related to the Authority’s activities.
The GRSIA’s investments in military and civil pension funds increased to 13.62 percent between 2012 and 2013. Investment costs of civil pension fund’s assets in 2013 reached QR52.9bn from QR46.3bn in 2012, up 14.34 percent.
Investment costs of military pension fund’s asset in 2013 rose to QR19.4bn from QR17.3bn in 2012, up 11.70 percent.
Assets of the military and civil pension funds stood at QR89.7bn. The pension funds’ profit in 2013 increased by 166.15 percent compared to 2012, as investment income of the military and civil pension funds in 2013 reached about QR3.3bn from QR1.2bn in 2012.
The ratio of investment in Qatar amounted to 95.8 percent for the civil pension fund and 99.07 percent for the military pension fund, while the total ratio of investments outside Qatar was 4.1 percent for the civil pension fund and 0.93 percent for military pension fund.
Investment returns of civil pension fund amounted to 4.62 percent and of military pension fund 4.52 percent in 2013.
The Peninsula
