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The Dubai International Financial Centre.

PHOTO BY ARCHIVE


Employee workplace savings plan in Dubai: Who are getting it?

 

DUBAI – A new Employee Workplace Savings scheme will be rolled out in 2020 to offer end-of-employment benefits to employees of Dubai International Financial Centre (DIFC).

According to DIFC, the scheme is part of a funded and professionally managed contribution plan that will be launched on January 2020.

The savings plan will offer a low-cost investment platform for receiving and managing mandatory employer end-of-service contributions on behalf of employees, and any added voluntary savings by employees, including cash or cash equivalent options for those members who do not want to take investment risks with their contributions.

“Equiom, a trust services provider, has been selected to act as master trustee of the DEWS plan, whilst Zurich Middle East has been selected as the scheme administrator. Zurich will be assisted in its duties by Mercer as an investment adviser, and Smart Pension as a technology services provider,” according to DIFC.

“We are confident that their collective expertise of over 70 years in this field will help secure better employee end-of-service benefits for the DIFC workforce,” said Arif Amiri, CEO of the DIFC Authority.

Zurich will very soon begin the enrollment process with DIFC employers required to participate in the DEWS plan.

The introduction of the new scheme will allow companies based in the DIFC to know exactly what their liabilities to employees are, without any liability once paid.

Meanwhile, employees will have secure benefits, irrespective of an employer going out of business, while having the option to earn a return on an employer’s monthly contributions and to make their own contributions in a very cost-effective and simple way.

Employers in the DIFC will have the ability to opt out of the scheme in limited circumstances, provided that they have been provided with a qualifying alternative scheme certificate by the DIFC Registrar of Companies. The guidelines as to what will qualify as a suitable alternative will be provided after September 15. ICA/Expat Media

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