82% of UAE employees open to employers investing their gratuity: survey

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82% of UAE employees open to employers investing their gratuity: survey

A big majority or 82 percent of employees in the UAE are open to their employers investing their gratuity or end-of-service benefits, according to National Bonds.

The findings are based on the result of the National Bonds Savings Index, an annual survey on the saving behaviour in the UAE.

National Bonds, the UAE’s investment company, recently launched the Golden Pension plan to help Emiratis and expats kickstart their retirement saving plan.

Coined as the first-of-its-kind initiative in the UAE, the Golden Pension aims to enhance employees’ end-of-service benefits in both government and private sectors.

How does the Golden Pension plan work?

Companies can register for the Golden Pension scheme by investing their employees’ gratuity or end-of-service benefits accumulated over the years as a lump sum or by investing a portion of it. Employees can also contribute to the pension plan starting at Dh100 per month. Employees can draw from the fund when they retire.

Who can enrol in the Golden Pension scheme?

Companies can open an individual account for their employees. The Golden Pension plan is for expat workers looking for a low-risk investment to save and grow their money for retirement.

How do you track pension savings?

Employees can monitor their pension savings in real time from their individual accounts on National Bonds’ mobile app. They can withdraw a portion of their end-of-service savings from the pension scheme with the approval of their employer. However, they can withdraw their individual contributions at any time.

When is the retirement age in the UAE?

The retirement age for all private sector employees in the UAE is 65. ICA/Expat Media


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