UAE: Over 9,000 taxi drivers to benefit from first-of-its-kind golden pension scheme for expats

The initiative, first announced in October last year, will help employees kickstart their retirement savings

Follow us on Google News-khaleejtimes


By Web Desk

Published: Mon 9 Jan 2023, 3:50 PM

Last updated: Mon 9 Jan 2023, 8:02 PM

National Bonds, UAE-based Shari’a-compliant savings and investment company, announced one of the first organisations to join the first-of-its-kind Golden Pension Plan, Dubai Taxi Corporation (DTC) at the Dubai Roads and Transport Authority (RTA).

With this partnership, more than 9,000 drivers can now leverage the National Bonds platform to save money and enjoy a range of exclusive benefits. The Golden Pension Plan was launched in a move to ramp up its suite of financial planning solutions for nationals and residents.

Employees have the flexibility to contribute as little as Dh100 on a monthly basis and earn a profit on the amount saved, which can be availed in addition to the earned gratuity provided by their organisation. The scheme aims to support organisations with their employee retention efforts as well as help them plan ahead for the end-of-service financials.

Through National Bonds’ mobile application, employees can check their pension portfolio and can view their savings grow. Moreover, they will be part of the National Bonds’ rich rewards program of Dh35 million and are eligible for Life takaful cover provided by local Takaful Operators.

Developed in line with increasing demand from employers and employees, the unique initiative aims to help corporates registered with National Bonds support their employees’ financial goals.

The scheme would help employees of registered corporates get a head start in growing their end-of-service benefits as part of their retirement planning and strengthen their financial resilience through the highly competitive returns being offered by National Bonds under this program.

Speaking on the Golden Pension Plan, National Bonds Group CEO, Mohammed Qasim Al Ali, said: "Retirement planning is vitally crucial to ensure the stability and financial independence of individuals. The UAE now has a population of around 9 million people. We hope to enable residents to invest in their futures while also supporting businesses through this smart first-of-its-kind staff retention program."

"In line with the vision of the leadership to make UAE the preferred country of employment, the scheme enables companies to invest in their employees’ end-of-service funds so that they can benefit from additional returns on their gratuity – Not many companies do this as accumulated funds are not being invested, which ultimately deprives the employees of these benefits. The visionary leadership of this country has always put their best foot forward in safeguarding and enabling people. We aim to contribute to their vision of building a nation of the future, where all citizens and residents are financially empowered.”

Mansoor Rahma AlFalasi, CEO of DTC, said: “We are proud to be the first organization to join the Golden Pension Plan. Through this program, the Corporation seeks to provide quality services to its drivers, which contributes to achieving the strategic goals of the happiness of our people."


More news from Personal Finance