Savings scheme

Dubai End-of-Service Savings Scheme for Expats: How will it help? – News

Several investment plans will be offered to employees, including Sharia-compliant ones



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By a staff reporter

Published: Wed, March 2, 2022, 9:20 PM

A savings plan for expatriates working in the public sector was conceptualized after the Dubai International Financial Center (DIFC) successfully implemented a similar plan for its employees in 2020.

The plan announced on Wednesday will be a “significant addition” to the end-of-service benefits currently granted to employees.

It will be optional for private sector companies.

It is expected to boost financial liquidity in Dubai in the coming years and improve the quality of the evolving financial environment in the emirate.

Under the supervision of the DIFC, the board of directors and the international investment companies will assume the oversight functions of the Savings Plan within the framework of a governance system guaranteeing efficiency and effectiveness.

The objective is to serve the interests of employees; offer multiple investment opportunities and support human resource planning and management in Dubai.

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The program will give employees the opportunity to save in different financial portfolios. This will also protect and manage dues more efficiently. Employees will be able to choose from several investment structures, including traditional investment funds and Sharia-compliant funds.

Employees who do not wish to invest their benefits will also be offered options guaranteeing capital protection.

sahim@khaleejtimes.com


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