The strategic distribution of capital between key economic sectors will help maintain growth, stability and sustainability, says Mohammed Juma'a Al Musharrakh
A savings scheme for expats working in the public sector was conceptualised after the Dubai International Financial Centre (DIFC) successfully implemented a similar one for its employees in 2020.
The scheme announced on Wednesday will be an "important addition" to end-of-service benefits currently given to employees and will be optional for private sector firms.
It is expected to boost financial liquidity in Dubai in the coming years and enhance the quality of the evolving financial environment in the emirate.
Essa Kazim, Governor of DIFC, said: “Under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, expanding DIFC’s Employee Workplace Savings Plan across Dubai-based entities reinforces the Emirate’s commitment to attract and retain the best talent.
"This comprehensive savings plan that can be utilised for retirement planning aligns with global best practices and will benefit the workforce who are contributing to the growth of our economy.”
Under the supervision of DIFC, the board of trustees and international investment firms will assume the duties of overseeing the Savings Scheme within a governance system that ensures efficiency and effectiveness.
The aim is to serve the employees' interests; provide multiple investment avenues, and support the planning and management of human resources in Dubai.
ALSO READ:
The scheme will give employees the opportunity to save across different financial portfolios. It will also protect and manage dues more effectively. Employees will be able to choose multiple investment structures, including traditional investment funds and Sharia-compliant ones.
Employees who do not wish to invest their benefits will also be provided with options that ensure capital protection.
sahim@khaleejtimes.com
The strategic distribution of capital between key economic sectors will help maintain growth, stability and sustainability, says Mohammed Juma'a Al Musharrakh
Event organised to raise awareness in community, encouraging everyone to participate in activities that help build a healthy lifestyle
The Indian company will create 50 new jobs in Ras Al Khaimah over the next three years and export to GCC, Mena and East African markets
The cost of moving goods domestically around Africa is five times higher than in the US and urged for more partnerships to address the gap, says Ahmed bin Sulayem
Goldman Sachs, JPMorgan and Standard Chartered Bank were hired as global coordinators for the debt sale expected to price later on Tuesday
The US also also confirmed it is outsourcing about one third of those jobs to Tata Consulting Services in India
The 48-year-old had previously pleaded guilty to 49 charges relating to 12 victims between 2003 and 2020, making him one of Britain’s most prolific sex offenders
Latest toll showed Monday's 7.8-magnitude tremor and its aftershocks killing 3,549 people in Turkey and 1,602 in Syria