37 C
Dubai
Tuesday, July 23, 2024
spot_img

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.

Next Article

Related Articles

Ginco Properties Launches One Residence, Steps from 1 Burj Khalifa in Downtown Dubai

Ginco Properties Launches One Residence, Steps from Burj Khalifa in Downtown Dubai Dubai, UAE - 17 July 2024 — Ginco Properties, the developer behind successful...

Sreshta Farmer Producer Company Limited: Pioneering Technology-Driven Farming in Andhra Pradesh

Introduction to Sreshta Farms Sreshta Farmer Producer Company Limited (Sreshta Farms) was established in Kollipara, Andhra Pradesh, with the vision of creating a technology-driven agricultural...

The Rise of Home Salon Services in Dubai

The Rise of Home Salon Services in Dubai As sale season sweeps across Dubai, many residents are turning to home salon services in dubai to...

Axi and Manchester City Women’s Team Kick Off big ‘The Mentality Edge’ Campaign 1

Axi and Manchester City Women’s Team Kick Off 'The Mentality Edge' Campaign In a dynamic culmination to the 2023/24 football season, leading online FX and...

Garuda Advertising Launches Teleforce: A Telecom, Marketing, and Sales CRM Platform

Garuda Advertising announces the launch of Teleforce, a Telecom, Marketing, and Sales CRM designed to empower businesses with a comprehensive Communication Platform as a...

Latest Articles