Action Plan For Expat Employees' Savings Scheme Revealed
- Publish date: Thursday، 22 December 2022
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The Steering Committee of the ‘Savings Scheme for Foreign Employees in the Government of Dubai’ held its first meeting to discuss the action plan for enrolling foreign employees into the Savings Scheme, along with other implementation mechanisms.
The new enrolment and implementation mechanisms will ensure that employees are protected and provided with opportunities to invest and develop their savings.
Abdulla Al Basti, Secretary-General of Dubai Executive Council and Chairman of the Steering Committee said, "The Savings Scheme ensures financial security, fortifies employer-employee relationships, and most importantly, presents a robust opportunity for employees looking to invest their savings."
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Joining the scheme will be by default for foreign employees working in government entities, subject to Law No. (8) of 2018 in relation to the management of human resources for the Government of Dubai, according to job grades and over successive time periods. The employer and the Department of Finance will lead this.
The employer will contribute the total end of service gratuity to the scheme, starting from the date of joining the scheme, without including the financial dues for previous years of service to which current legislation applies.
The percentage of the contribution to the scheme will equal the end of service benefits due to the employee, in accordance with Human Resources legislation. In the event that the employee is promoted or has changed his role, a change in contributions will become effective.
The rate of return will depend on the amount invested by the employee, how it is distributed across available investment portfolios, and the risks associated with it. Employee participation in the scheme will stop upon the end of their service. At this point, employees have the right to withdraw their entire end of service gratuity amount, or can choose to remain in the scheme, should they desire to.
This article was previously published on UAE Moments.To see the original article, click here