Sheikh Mohammed bin Rashid Unveils New Benefits System to Secure Employee Savings.
According to analysts, a new end-of-service savings program in the UAE introduced by the government would let employees invest in their futures and contribute in luring more foreign talent to the nation.
Dubai’s Prime Minister and Ruler, Sheikh Mohammed bin Rashid, stated on Monday that the benefits system will “safeguard the savings of employees” and promote financial stability for families. The benefits system is primarily aimed at the private sector and free zones.In Abu Dhabi, Sheikh Mohammed presided over a meeting of the UAE Cabinet and revealed the strategy
Employers will have the option of participating in this system, which will include the creation of private sector savings and investment funds under the supervision of the Securities and Commodities Authority in coordination with the Ministry of Human Resources and Emiratization. After the cabinet meeting, Sheikh Mohammed posted on X, previously Twitter.
Employees can use this system to save and invest their end-of-service rewards in a variety of investment opportunities.The objective is to protect employees’ savings, which serve as their employer’s end-of-service rewards, while upholding their rights and maintaining the stability of their families.Employees in the public sector would also be able to take use of the end-of-service system for the purpose of investing and saving, according to Sheikh Mohammed.
