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The scheme of National Bonds is applicable to all UAE institutions in the public and private sectors. However, according to National Bonds, it is targeting expatriate workers in the UAE who may seek financial stability after retirement.
Companies that want to recruit employees to the pension plan must register with the National Bond and sign up for the Gold Pension Plan. Companies can determine how many people in their workforce are enrolled in the program and how much is allocated under the program.
If your company does enroll you in the scheme, you also have the option to add your own extra savings to this savings scheme with monthly contributions as low as AED100.
According to National Bonds, Islamic bonds are Shariah-compliant savings bonds that will be issued under National Bonds employee accounts.
National Bonds clarified that issued Sukuk will be locked for redemption – and can only be activated at the company’s request. So you can’t get pension savings unless your company asks for it. However, if you put additional savings into the plan from the start, you can use that amount when you need it.
According to the UAE Labour Law – Federal Decree No. 33 of 2021 – Employees in the private sector have the right to tip at the end of their term.
The Gold Pension Scheme is an optional scheme that employers in the UAE can enroll in.
in a Interviewed by Gulf News, National Bonds group chief executive Mohammed Qasim Al Ali said the gold pension scheme was no substitute for tipping. Instead, the program can be seen as an enhancement to the tips provided by the company.
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