Tickets for the event, to be held in partnership with the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), go on sale on Tuesday
Bangladeshi expat Mohammad Moazzem Hossain said there was a need to create awareness among people on the need to save money for rainy days.
Great option
"Like in India, once you become a non-resident, you are out of any government pension or retirement schemes," he said.
Ritolia, who is the vice-chairman of ICAI Abu Dhabi Chapter, said most of his friends and colleagues have retirement plans that they have funded themselves.
On the government plan, he said: "I always like having options. I understand that participation in these funds is optional. It will be a great option for those who cannot manage their investments. Whatever additional amount the fund can generate will assist each expat. However, one should be cautious that the fund may result in a negative contribution, unless the it is invested in capital-guaranteed products or in the money market. The fund manager fee should also be kept as low as possible to pass on the benefits to the fund subscribers," he said.
Padmanabha Acharya, president of Indian Business and Professional Group (IBPG), said the proposed plan with respect to gratuity would bring the UAE closer to global best practices.
"The UAE gratuity system for expatriates is currently based on the UAE Labour Law, which results in a defined contribution based on the number of years of cumulative service and the last drawn salary. This is currently unfunded, which could lead to cash flow constraints when a lot of employees leave the company. Setting up an investment fund to manage retirement benefits will achieve many objectives, including enhanced security, better returns and stable capital markets and cash flows. This will also facilitate long-term retention of employees," Acharya added.
A survey by Friends Provident International and YouGov released in March revealed that majority of expatriates in the UAE do not have realistic plans for securing a comfortable lifestyle when they finish working. While the research showed that more than one-third of respondents (34 per cent) expect to be retired by the time they reach the age of 55, and more than half (53 per cent) before they are 60; less than half (48 per cent) are currently saving regularly for their retirement.
ashwani@khaleejtimes.com
Tickets for the event, to be held in partnership with the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), go on sale on Tuesday
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