It is the first of its kind in the region that offers employees a number of financial benefits.



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Published: Thu 3 March 2022, 12:53

Last update: Thu 3 March 2022, 15:14

In a historic move, the government of Dubai has announced a new savings scheme for expatriates working in the public sector.

Currently, a gratuity is offered to employees at the end of their service through the UAE.

Here is everything you need to know about the savings plan advertised in Dubai.

What is the new savings plan?

It is the first of its kind in the region that offers employees a number of financial benefits. The move:

– Improve end-of-service benefits in the Government of Dubai

– Provide a series of investment mechanisms in line with employee preferences, including those compliant with Shariah

– Offer guaranteed capital protection to employees who do not wish to invest.

– Deposit of financial contributions from the date of joining the scheme.

– Investigate to what extent this system can be applied voluntarily to private sector employees in Dubai, after coordination with the relevant federal and local entities.

Who is it for?

This is for public sector employees in Dubai. The system can also be applied voluntarily to private sector employees in the emirate, after coordination with the relevant federal and local entities.

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What are its objectives ?

– Guarantee and protect the rights of employees and offer them opportunities to develop their savings and end-of-service benefits.

– Attract the best talent and strengthen the flexibility and attractiveness of the labor market in Dubai.

– Boost financial literacy and foster a culture of savings among employees to help them create a financial plan that serves their future.

Who manages it?

The savings scheme is managed by a board of trustees and international investment institutions, under the supervision of the Dubai International Financial Centre.