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Monday, July 24, 2023

UAE pension authority sees sharp rise in subscribers

GPSSA has seen a total of 7,451 employers registered with it as of June 2023.
ABU DHABI: The General Pension and Social Security Authority (GPSSA) has reported a notable surge in contributors and registered employers, according to the statistics released for June 2023. The data revealed that the number of contributors rose to 104,038, marking a significant increase, compared to 87,982 contributors during the same period last year. Moreover, registered employers rose from 7,451 in the previous year to 10,568 as of June 2023. The report further disclosed that pensioners reached 19,548 by June 2023, compared to 18,318 in June 2022. Similarly, the number of beneficiaries stood at 8,368, showing a slight decline from the 8,432 beneficiaries recorded during the same period last year. In terms of insurance expenses, the data indicated that the value of expenses in June 2023 amounted to Dh397,799,391, higher than the Dh396,086,188 reported during the corresponding period in the previous year. These statistics were unveiled during the fifth board meeting for 2023, chaired by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs and Chairman of the Board of Directors at GPSSA.
During the meeting, Al Hussaini presided over the approval of minutes from previous meetings and led discussions on the progress of past decisions and recommendations made by the board. The meeting also approved various decisions and recommendations presented by sub-committees, including the Investment Committee and the Internal Audit and Risk Committee. Furthermore, the board reviewed and approved GPSSA’s final financial statements for 2022, which will be submitted to the UAE Cabinet Ministers for final approval. Additionally, they examined the investment performance report for 2022 and the first half of 2023, followed by discussions on other important topics on the meeting’s agenda.
 

Friday, July 21, 2023

5 of the best high-yield savings accounts with no minimum balance

Make sure your high yield savings account charges no monthly fees, which can chip away at the interest you earn over time.
With federal interest rates high  and another potential rate hike on the horizon  now is a great time to save. But even among the best high-yield savings accounts with no fees or other costs, there can be a significant barrier to entry. Some of these accounts require steep minimum deposits or ongoing balances to either open your account or earn interest. If you don't already have $1,000 or even $5,000 to deposit into your new account, you may not qualify to earn the great interest it offers. That's why you should look at all the details of a new account before you open it. There are a number of competitive high-yield accounts today  even some that offer near the highest available APYs  that require no minimum at all. To earn interest with these accounts, all you have to do is open it and make a deposit in any amount.

Why you need a high yield savings account today

High yield savings account interest rates are significantly higher than traditional savings accounts.
Savings are an essential part of any smart financial plan. Whether you're building an emergency fund or setting aside money for a big purchase, a healthy savings account can help you reach your financial goals and cover unexpected costs without going into debt. And every little bit you can set aside counts. The easiest way to boost your savings is with a high-yield savings account. High-yield savings accounts are a popular financial tool for many reasons, including the ability to earn much more interest than you can with a regular savings account. If you don't already have one, now is the perfect time to consider opening one. See today's high-yield savings account rates here to find out how much you could be earning.