Savings scheme

Dubai: All expats working for the government must enroll in a savings program from July 1 – News

All employees will be able to make voluntary contributions to the Dubai International Financial Center Employee Workplace Savings



Published: Mon 27 Jun 2022, 10:51

Last update: Mon 27 Jun 2022, 10:38 PM

With the exception of a few categories, all expatriate employees working in the Dubai government will have to be enrolled in the DEWS savings scheme by their employers, a senior official said.

The program was conceptualized after the Dubai International Financial Center (DEWS) Employee Workplace Savings Plan and employee enrollment will be in phases, starting July 1, 2022.

“All government employees must be registered with DEWS by their government employer – except for certain exemptions as set out in legislation, including UAE nationals,” said Jacques Visser, DIFC Authority’s chief legal officer. .

Launched in March 2022, the program targets expatriates in Dubai government entities initially, with the possibility of expanding its implementation in later stages. It aims to attract and retain talent by offering an integrated system that offers various savings opportunities.

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He said the DEWS benefits replace the existing end-of-service gratuity plan and are still a benefit payable to the employee by the employer. Therefore, there will be no automatic deductions from an employee’s salary.

“All employees, including UAE nationals, will be able to make voluntary contributions to the plan through payroll deductions if they wish, but this aspect is not mandatory,” he said. .

Jacques Visser added that employees will not have the option to opt-in or opt-out, however, they have control over their investment strategy and can make a selection that best reflects their situation and goals.

-waheedabbas@khaleejtimes.com


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