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Monday, May 20, 2024

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.

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