The General Authority for Pensions and Social Security has announced the launch of the second phase of the advanced proactive financial planning system project named “Wafrah.” This initiative is in partnership with the Emirates Competitiveness Council through the “Nafes” program, aiming to enhance financial literacy among beneficiaries of the program and those covered by the pensions legislation in the UAE, thereby assisting them in building a more stable financial future in the private sector.
This initiative represents a pioneering step that demonstrates the Authority’s commitment to supporting national competencies and bolstering the financial and social stability of UAE citizens.
The project is part of the third cycle of transformative projects for federal government entities for the years 2024-2025, embodying the leadership’s vision to adopt innovative governmental models that focus on human-centered approaches and enhance the nation’s global competitiveness.
The “Wafrah” initiative seeks to raise financial awareness among citizens to improve their financial and social stability and to empower them to make better financial decisions.
Moreover, the project contributes to the UAE government’s goals of building a more prosperous society over the next decade, aligning with the “We Are the UAE 2031” vision.
This program represents a significant investment in the future of Emirati men and women working in the private sector, equipping them with financial knowledge through specialized training programs and intensive awareness campaigns available via the digital “Nafes” platform. This platform is accessible to all registered users, including those working in the private and banking sectors, job seekers in the local market, and university students, ensuring a broad reach to benefit as many Emirati professionals as possible.
The second phase of the “Wafrah” program concentrates on key areas that directly address the needs of the “Nafes” program beneficiaries, aiming to familiarize them with the laws of the General Authority for Pensions and Social Security and the benefits it offers. This knowledge will assist them in improving their retirement options and planning their futures with greater confidence.
Additionally, the program aims to educate participants about available investment options and wealth management strategies, highlighting the importance of early financial planning for ensuring a secure and stable future.
The Authority aims to increase financial planning awareness by 80% through educational programs focused on social security, investment, and savings, specifically designed by the Abu Dhabi Financial Market Academy. This initiative is intended to empower citizens with essential knowledge to effectively manage their economic affairs.
In collaboration with the Ministry of Human Resources and Emiratisation and the Emirates Competitiveness Council via the “Nafes” platform and media outlets, the Authority is dedicated to helping citizens actively integrate into the private labor market. It also seeks to enhance their awareness of the importance of financial planning and investment to achieve stability and financial independence, contributing to improved personal income and reduced dependence on financial support programs, in line with the leadership’s vision of building a sustainable knowledge-based economy.
The project’s initial phase, launched in July 2024, aimed to raise awareness about individual life cycles and their financial requirements.
This phase also focused on introducing individuals to financial product and service terminology, effectively managing funds and debts, addressing financial challenges, and the significant role of financial advice in guiding individuals towards optimal money management and investment strategies. This preliminary stage laid the groundwork for improved financial awareness, and “Wafrah” now offers a comprehensive educational experience to help the nation achieve their financial goals.