32.1 C
Dubai
Thursday, May 15, 2025
spot_img

Sheikh Mohammed approves optional gratuity for private sector

Sheikh Mohammed chaired the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi, attended by HH Sheikh Mansour bin Zayed Al Nahyan, HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and HH Lt General Sheikh Saif bin Zayed Al Nahyan.

During the meeting, Sheikh Mohammed affirmed the UAE’s commitment to its ambitious space strategy, including the qualification of Emirati astronauts for missions to the International Space Station (ISS).

He also announced the approval of an Optional System for End-Of-Service Gratuities for private sector and free zones employees.

This system allows employers to participate in establishing private sector investments and savings funds supervised by the Securities and Commodities Authority, offering various investment options to safeguard workers’ savings.

Additionally, Sheikh Mohammed shared plans to restrict heavy vehicles with a total weight exceeding 65 tonnes from using UAE roads by 2024, to protect infrastructure and enhance road safety.

The establishment of the ‘Federal Regulatory Bureau for Electricity and Water’ was also approved to regulate electricity and water trade, create a competitive environment, and protect consumer rights.

Furthermore, a new Rewards and Incentives System for Federal Government employees was introduced to motivate and recognize their contributions.

The Cabinet meeting involved several amendments to federal laws, covering areas such as road transportation, medical products, judicial fees, mediation for civil and commercial disputes, e-commerce, media regulation, and more. These changes aim to strengthen the legislative environment, promote social stability, economic growth, and improve the quality of life.

The UAE also reaffirmed its commitment to combating money laundering and the financing of terrorism by activating the real beneficiary at all registered and licensed establishments in the country.

Lastly, the Cabinet assigned the UAE Council for Environmental and Municipal Work to develop a framework for the proper use of Hydrofluorocarbons (HFCs) to reduce their climate impacts.

The meeting concluded by discussing international agreements with friendly countries, hosting the ICAO Conference on Aviation and Alternative Fuels in November 2023, and reviewing the Emirates Tourism Council’s 2022 report, highlighting the tourism sector’s significant contribution to the UAE’s GDP and job market.

Next Article

Related Articles

Global Rankings Leader U.S. News & World Report Enters India with Investment in The Red Pen

With a growing appetite for international education among Indian students, this new partnership is set to reshape how families approach global admissions. For years, The...

Age Is Just the Beginning: How Hardik Dewan Is Transforming Youth Potential into Power

The Teenager Who’s Already Shaping India’s Future At an age when most are still figuring out college applications or their first internships, Hardik Kumar Dewan...

From Ocean Waves to Cityscapes: How Furquan Ahmed & Marine Group are Reshaping Lucknow

Some journeys begin with a well-thought-out plan. Others, however, are born from bold choices and an unwavering belief in oneself. For Furquan Ahmed, it...

From Coach to Catalyst: How Ashwinee Kalkura is Guiding Businesses Through Agile Transformation

Finding the Right Kind of Disruption In an era dominated by digital transformation, buzzwords often outpace real impact. But Ashwinee Kalkura is not here for...

ADNOC Secures Strategic Breakthrough with U.S. LPG Supply to India

ADNOC, (Abu Dhabi National Oil Company) is set to begin supplying liquefied petroleum gas (LPG) sourced from the United States to India starting in...

Latest Articles