Dubai government’s end-of-service savings scheme for expats in the government will begin on July 1.
For the scheme for expatriates working in government departments, the Dubai International Financial Centre (DIFC) has held multiple virtual meetings with senior executives from various government entities to discuss the plan, a statement issued by the authority said on Monday.
The DIFC “ discussed the advantages of the scheme, enrollment details and types of financial contributions, in addition to procedures followed at all levels, which include the employee, employer and the supervisory board of the scheme”, the statement added.
Alya Al Zarouni, executive vice president of operations at the DIFC Authority, said, “This comprehensive savings plan is utilised for retirement planning and aligns with global best practices. The approach is a first for the region and, over time, we expect other cities and countries to adopt a similar approach.”
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The scheme was launched in March by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and was conceptualised after the DIFC Employee Workplace Savings (DEWS) plan and targets expatriates in Dubai government entities in the first stage, with the scope of expanding its implementation to the private sector later on.
Mohammad Al Hawi, director of policies and strategies for economic development at the general secretariat of the Executive Council of Dubai, said the scheme will play a key role in enhancing the “economic and social stability” that the government offers its employees.
“The scheme will contribute to strengthening Dubai’s position as a global financial centre, which is recognised as an incubator for expertise and competencies from around the world,” he said.
The scheme will enable participants to choose a plan that is in line with the type of investment risk they can take.
