2024-07-04 12:23:13
The Ministry of Human Resources and Emiratization and the Securities and Commodities Authority announced that “Lunit Capital” and “Daman Investment” have received certification and become the first savings funds to start operating the “Savings System”, an optional alternative system for end-of-service rewards.
This is based on the approval requested by the joint committee of the Ministry and the Authority for the two companies, which will be allowed following ensuring that they meet all documentary and regulatory requirements in addition to meeting the prescribed standards and conditions. Two end-of-service benefit savings funds, which include both capital protection and sharia-compliant alternatives, enter into agreements with companies and accept voluntary contributions within strict standards and obligations.
The ministry said companies can submit applications to register their workers in the “Savings System” by contacting “Lunate Capital” through the website www.lunate.com and telephone number 026927213 or by email Eosb@lunate.com. Website www.daman.ae Contact “Daman Investment” or contact 046109666 or email damaneos@daman.ae.
In a joint statement issued today, the Ministry and the Authority said: “Lunit Capital and Daman Investments have received final approval to launch the National Employees End of Service Bonus Savings Scheme as they are among the leading financial companies in managing investment funds. With a good reputation and extensive experience, “this increases the efficiency of implementing a ‘savings system’ and the reliability of achieving positive benefits for workers and improving their financial reality. “
The statement explained that “the Joint Committee is committed to implementing a concrete mechanism to expedite decisions on the implementation of the voluntary alternative regime for end-of-service compensation and to take decisions on requests from companies wishing to establish investment funds for the regime, based on sound standards and regulation requirements to ensure the efficiency, reliability and integrity of service provision.
According to the statement, the joint mechanism depends on the company receiving certification or preliminary approval from the Ministry of Human Resources and UAE following submitting its application, and starting the process of obtaining the final license for the savings scheme from the Authority following submitting the necessary materials. Documentation of the conditions and criteria for establishing incentive investment funds.
“The Commission is extremely concerned that the Savings Fund recognizes the readiness, financial suitability and experience of the founders”, which increases the efficiency of the implementation of the Savings System and confirms the sustainable economic impact it brings to service providers, the statement added , and a high standard that reflects the country’s leading social responsibility environment.
The Ministry of Human Resources and Emiratisation has launched a dedicated page on the “Savings System” on its official website, which is regularly updated and contains details of all approved savings funds and registration mechanisms.
The Savings System aims to invest the funds allocated to end-of-service bonuses for private sector workers in investment funds approved by the Ministry and the Authority, with the aim of developing labor savings and benefiting from returns on their investments, which will enhance the interests of employers and workers. Economic impact and support the country’s economy.
The Savings System ensures that workers benefit from their pension investments and receive additional financial benefits by investing their savings in a safe manner to protect their rights and achieve family stability. In addition to benefiting from the benefits of being licensed to administer end-of-service benefits for workers. This is in addition to the strong funding infrastructure in the system and the ability of employers to focus on commercial activities that promote business and attract and retain talent. benefits and safeguard their financial rights, helping to increase employees’ job loyalty and job satisfaction and productivity.
The ministry calls on all private sector players to benefit from the benefits and facilities provided by the system.
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