Ambitious talent from all over the world has found a home in the UAE, where they can develop exceptional, prosperous professions. This would not happen without the government determined to broaden the UAE’s economic horizons, this would not happen. Out of 3.1 million employees in the UAE, expatriates make up 91% of the public sector. The Dubai government announced a new savings scheme for expats working for the government.
New Savings Scheme For Expats Provides Improved Financial Security
The government released the declarative announcing the scheme on Wednesday. It will increase financial liquidity in Dubai in the future years. You might observe a boost in the quality of the Emirate’s expanding financial ecosystem. The goal is to serve the interests of employees and give numerous investment options. Also, assist with human resource planning and management in Dubai.
The Dubai Government has announced a savings scheme for expats working in the public sector. The scheme will be optional for private sector firms.
Follow this thread for details. pic.twitter.com/aIqCcvou4y
— Khaleej Times (@khaleejtimes) March 3, 2022
Employees will save in a set of economic portfolios under the system. It will also better safeguard and handle dues. Staff will be able to pick from a variety of investment arrangements. This includes both standard and Sharia-compliant funds. Employees who do not want to deposit their rewards will have choices that protect their wealth.
Other Key Features Of The Scheme
- The system came into effect after the DIFC successfully adopted it for workers working under its jurisdiction in 2020.
- Following collaboration with relevant federal and local institutions, it will investigate how this system can be freely extended to private-sector employees in Dubai.
- During their career and retirement, the saving scheme for expats will ensure all possibilities for advancement and good quality of life for employees.
- It will begin depositing financial obligations once the plan is in action.
- It will be under observation by the Dubai International Financial Centre and administered by a board of trustees and international investment institutions.
Also Read: UAE Continues Visa-Free Travel For Ukrainian Expats & Tourists
First Published: March 04, 2022 6:23 PM