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Tuesday, April 16, 2024

UAE: Sheikh Mohammed Introduces Employee Benefits System

The UAE Cabinet has approved a new optional system for private sector and free zone employees to invest their end-of-service benefits. This system will establish a savings and investment fund overseen by the Securities and Commodities Authority, in collaboration with the Ministry of Human Resources and Emiratisation. It offers multiple investment options for employees’ end-of-service benefits.

During a Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the goal was declared as protecting workers’ savings and ensuring safe investments, thereby safeguarding their rights and providing stability for their families.

Government employees can also participate in this scheme. In the UAE, employees receive a gratuity upon retirement after one year or more of continuous service.

Experts frequently highlight the insufficient nature of the gratuity as a retirement fund for UAE residents. A recent survey by National Bonds revealed that 82 percent of workers are open to having their gratuity invested on their behalf.

In 2022, Dubai introduced an end-of-service savings scheme for expatriates in government departments, offering diverse savings opportunities to enhance their benefits and savings.

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