The General Pension and Social Security Authority (GPSSA), established in 1999, is responsible for applying pension and retirement benefits for Emiratis working in either the public or private sector in the UAE. Additionally, in 2007, the UAE announced the Insurance Protection Extension System, which allows Emiratis working in any of the GCC countries to enjoy insurance protection as if he/she were working in the UAE. To date, GPSSA’s customers include 86,360 insured Emiratis, 7,113 employers, 25,420 pensioners, and 17,924 beneficiaries. It is estimated that the fund manages US$ 49 billion.