UAE Expat Savings Scheme to Begin in July
The UAE’s new savings scheme for Employees in the Government of Dubai will be in effect from 1st July this year.
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The scheme targets expatriates in Dubai government entities in the first stage, with the scope of expanding its implementation in later stages.
Global professional services provider, Equiom will act as the master trustee of the scheme and the independent legal owner of contributions made by employers, while ensuring that its beneficial interest lies with employees.
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Since DEWS launce in February 2020, its market-leading approach to long-term workplace savings in the region has helped with providing a progressive end-of-service benefits scheme, having restructured the predefined employee benefits plan into a professionally funded and managed plan.
The plan also offers employees the possibility to save more through voluntary savings. In addition, DEWS allows participants to choose a plan that is commensurate with the type of risk they are willing to take, empowering employees to plan for their financial future, especially retirement.