The General Pension and Social Security Authority (GPSSA) has introduced the "Advanced System for Proactive Financial Planning," also known as "Wafra," as part of its second cycle of transformational projects.
This initiative is designed to enhance financial literacy among individuals covered by pension laws through a range of educational efforts, including training programs, workshops, and awareness campaigns centered on proactive financial planning, savings, and early investment strategies.
The primary goal of Wafra is to cultivate a culture of proactive savings and financial independence beyond reliance on pensions. The project is part of the UAE government's broader vision to implement innovative government models that bolster national competitiveness. These transformational projects leverage advanced technology and strategic partnerships to create significant impacts across various sectors, empowering individuals and enhancing the UAE's status as a developed cultural and social hub.
Through collaborations with the Abu Dhabi Global Market Academy and the Jahez platform, Wafra will offer financial awareness workshops and interactive master classes. These initiatives are aimed at preparing government talent for future challenges and enhancing global competitiveness. The program aims to raise financial planning awareness by 60% and train over 10,000 individuals, including new contributors, long-term employees, and university students entering the workforce.
Wafra's initiative promotes best practices for financial stability, with support from 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 with targeted financial planning programs in November 2023, followed by savings and investment awareness initiatives in January 2024, in coordination with relevant authorities.
The comprehensive program reflects the UAE's commitment to proactive financial planning, aiming to equip citizens with essential skills for managing their finances and fostering a financially secure future.
News Source: Emirates News Agency
