UAE: ‘Second salary’ plan, additional income for residents, expats

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‘Second salary’ plan for residents, expats for launching

Second Salary, a customized savings solution designed for the national and expat populations of the UAE to produce additional income, has been launched, according to National Bonds.

Second Salary is a personalized supplemental income-generating service that aims to empower people by enabling them to maintain their desired standard of living. The initiative will eventually provide the best retirement plans in the UAE and is starting with this plan.

The plan is divided into two main phases, the first of which is the “Saving” phase, during which consumers invest money in National Bonds monthly for a duration of between three and ten years they select. The following “Income” phase enables the consumer to start receiving income each month, including their initial investment plus any accumulated profit.

Customers may anticipate receiving Dh7,500 per month for 10 years, provided they saved Dh5,000 per month for the first 10 years.

Customers may also receive Dh10,020 each month for three years, which is more than double the amount they have saved “if customers were to save Dh5,000 per month for five years, but choose to redeem within a period of the next three years.”

Customers who choose Second Salary must deposit a minimum of Dh1,000 each month for a minimum of three years. Customers can design their Second Salary plan with complete flexibility over the size and length of the saving and salary phases to ensure the security of a supplemental monthly income in the future.

To achieve their financial objectives, such as paying for education expenses, a down payment for a home, or investments, customers can redeem their savings as one lump sum rather than monthly payments. KD/Expat Media

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