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Retirement fund for UAE expats planned

 

DUBAI – A plan to set up a retirement fund for expatriates in the UAE is now on the table to help retain talent in the country.

The Federal Authority for Government Human Resources (FAHR) recently held a meeting with major companies to discuss to the planned system and best practices.

The system will reportedly include an enhanced gratuity scheme and a private sector savings scheme, authorities said.

Dr Abdul Rahman Abdul Manan Al Awar, director-general of FAHR, in an earlier interview said the retirement fund “will provide a saving opportunity to all employees in the UAE and the regional labour markets”.

“I believe the idea of creating a savings system for end-of-service benefits in all sectors is an important strategic step as it will be the first of its kind in the region,” he said.

Al Awar was speaking at a conference earlier this year on workers’ incentives and gratuity was held in Dubai where officials proposed a savings scheme for expatriates.

“The retirement funds will help employees plan properly by taking advantage of end-of-service benefits, enabling them to make use of their financial resources and creating jobs for new generations,” Al Awar added. GAD/Expat Media

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