Dubai has decided to implement end-of-service savings scheme for expatriates working in government departments. Dubai International Financial Centre (DIFC) will be in charge of supervising the scheme and even though the plan targets expats in government sector in the initial stage, it is expected to expand gradually.
The major objective of the scheme is to attract and retain employees by offering an integrated system that provides several options for savings. Expats working in Dubai’s public sector will be added to the novel scheme by default. The employers are supposed to contribute the total end-of-service gratuity to the savings plan from the date of joining of the employee, excluding the financial dues for previous years of service.
The savings scheme contribution percentage will be equal to the end-of-service benefits due to the foreign employee in the Dubai public sector. The rate of return will depend on various factors that include the investment made by the staff, the method via it is distributed across available investment portfolios and the risks related with it.
Employees are also provided with the option to make their own contributions to the savings scheme, with the authority to withdraw it at any time. The employee participation in the savings scheme will cease following the end of their service.
The UAE is a country that provides a promising platform for employees from across the world and the country comes up with various schemes frequently to attract ex-pats and give them a sense of security. The scheme will help in boosting the city’s position as a international financial hub, which is seen as an incubator for expertise and competencies.
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