The General Authority for Pensions and Social Security has announced the launch of the second phase of the advanced proactive financial planning system project, “Wafrah”. This initiative is developed in collaboration with the Council for the Competitiveness of Emirati Talents through the “Nafis” program. The primary goal is to enhance financial knowledge for participants in the program and individuals covered by pension laws in the UAE, aiding them in securing a more stable financial future in the private sector.
This pioneering step reflects the authority’s commitment to supporting national competencies and improving the financial and social stability for UAE citizens.
The initiative is part of the third cycle of transformational projects for federal government entities for the years 2024-2025, embodying the leadership’s vision of adopting innovative governmental models that prioritize human focus and enhance the country’s global competitiveness.
The “Wafrah” project aims to increase financial awareness among citizens, boosting their financial and social stability and helping them make better financial decisions.
Furthermore, this initiative contributes to the UAE government’s objectives of building a more prosperous society over the next decade, in alignment with the “We are the UAE 2031” vision.
The program is a genuine investment in the future of Emirati individuals working in the private sector, providing them with financial knowledge through specialized training programs and extensive awareness campaigns offered via the digital “Nafis” platform. This resource is accessible to all registered users on “Nafis,” including those in the private sector, banking employees, job seekers in the local market, and university students, ensuring that the benefits reach a broad segment of Emirati talent.
In its second phase, the “Wafrah” program focuses on key areas that directly address the needs of the “Nafis” program beneficiaries. It aims to educate them about the laws of the General Authority for Pensions and Social Security, as well as the benefits and advantages provided, thereby helping improve their retirement options and plan for their futures with greater confidence.
The program also emphasizes educating them about available investment options and wealth management, illustrating how these choices can enhance their financial lives post-retirement. It highlights the importance of early financial planning to ensure a dignified and stable future.
The authority aims to raise financial planning awareness by 80% through educational programs in social security, investment, and savings, designed specifically by the Abu Dhabi Financial Market Academy. This initiative is intended to empower citizens with the necessary knowledge and tools to efficiently and effectively manage their economic lives.
The authority collaborates strategically with the Ministry of Human Resources and Emiratisation and the Council for the Competitiveness of Emirati Talents via the “Nafis” platform and media channels to support citizens in effectively integrating into the private sector job market. It also seeks to heighten their awareness of the importance of financial planning and investment in achieving financial stability and independence, thereby enhancing individual incomes and reducing reliance on financial support programs, in line with the leadership’s vision for building a sustainable knowledge-based economy.
The project, in its initial phase launched in July 2024, focused on raising awareness about the financial life cycle and individual financial needs.
This phase concentrated on introducing individuals to financial product and service terminology, money and debt management, coping with financial difficulties, and the significance of financial assistance and advice to guide individuals towards the best methods for managing and investing their funds. This initial phase laid the groundwork for enhancing financial awareness, and “Wafrah” now offers a comprehensive educational experience to help the nation’s youth achieve their financial goals.