The United Arab Emirates (UAE) has announced a new pension scheme for expatriate taxi drivers. The scheme, called Golden Pension Plan, is a collaboration between Dubai Taxi Corporation (DTC) and the Dubai Roads and Transport Authority (RTA) and the UAE-based savings and investment company National Bonds. The plan will benefit over 9,000 taxi drivers working with DTC, allowing them to save money and enjoy exclusive benefits while planning for their retirement.
The Golden Pension Plan is one of the first pension schemes of its kind in the UAE and it is an important step towards addressing the issue of financial stability for expatriate workers. Expatriate workers in the UAE are not entitled to government-provided pension schemes, which makes it challenging for them to plan for their retirement. The Golden Pension Plan is an innovative solution for these workers and it is expected to have a positive impact on their lives.
Drivers will have the flexibility to contribute as little as AED 100 per month to the scheme and earn a profit on the amount saved. They will also be eligible for Life Takaful cover provided by local Takaful Operators. The scheme aims to support organizations with their employee retention efforts and help them plan ahead for the end-of-service financials.
Mansoor Rahma AlFalasi, CEO of DTC, said: “We are proud to be the first organization to join the Golden Pension Plan. Through this program, the Corporation seeks to provide quality services to its drivers, which contributes to achieving the strategic goals of the happiness of our people.”
For his part, National Bonds Group CEO, Mohammed Qasim Al Ali, said: “Retirement planning is vitally crucial to ensure the stability and financial independence of individuals. The UAE now has a population of around 9 million people. We hope to enable residents to invest in their futures while also supporting businesses through this smart first-of-its-kind staff retention program.”
