2023-09-04 18:18:51
Dubai: The UAE has come up with an alternative investment scheme that will ensure benefits for retired workers. The new system is being prepared under the name of ‘End of Service Benefit’. The beneficiaries of the scheme are the employees of private sector and free zones.
The decision was taken at a cabinet meeting held on Monday under the chairmanship of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. To ensure service benefits for employees who are leaving following completing their tenure, private sector companies have set aside special savings. Investment funds should be formed.
The utilization of these funds will be under the supervision of the Security and Commodity Authority with the participation of the Ministry of Labour. The objective of the scheme is to protect the workers’ savings and ensure that their investments are safe. At the same time, institutions can decide on their own whether they want to be a member of the savings and investment fund scheme. Sheikh Mohammad said that public sector and government institutions can also become members of the scheme.
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