Dubai announces new end-of-service savings scheme for govt sector expats

Dubai Crown Prince chaired the Executive Council meeting, and approved the fund for foreign employees in the government sector. The fund is the Emirate’s latest step to retain and attract talent. 

The Dubai Government has announced a savings scheme for expats working in the public sector. For private sector firms, the scheme will be optional a report in the Khaleej Times, Dubai, says.

Crown Prince of Dubai and Chairman of the Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, , announced the scheme after he chaired an Executive Council meeting.

It will be an “important addition” to end-of-service benefits currently given to employees, tweeted Sheikh Hamdan.

Employees will be offered multiple investment schemes, including Sharia-compliant ones. Those who do not wish to invest in the scheme, will also be provided with options that ensure capital protection. 

“The Dubai Government’s initiatives are aimed at ensuring a decent life for all employees and their families,” Sheikh Hamdan announced.

According to the Government of Dubai Media Office, the Dubai International Financial Centre will supervise the scheme in partnership with several “international investment firms that provide attractive and safe investment opportunities”.

The initiative will also ensure Dubai remains an attractive career destination that “appeals to outstanding talent”. This will be done through an “integrated system” that offers employees various savings opportunities across financial portfolios.

Employees will be offered multiple investment schemes, including Sharia-compliant ones. Those who do not wish to invest in the scheme, will also be provided with options that ensure capital protection. 

Sheikh Hamdan said the scheme would ensure that all employees, whether citizens or residents are provided with the support they require.

“We seek to enhance the flexibility and attractiveness of the market in Dubai through the continuous development of our systems. The Savings Scheme is a new step towards attracting more talent, innovators and investors across various fields, as we look to consolidate Dubai’s position as a leading city that delivers optimum work and living standards.”

The scheme will provide employees with a number of financial benefits, most notably the opportunity to save across different financial portfolios.

It will also study the possibility of extending the new system to the private sector in Dubai “on a voluntary basis”.

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