Dubai government's savings scheme for expats to roll out in July

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The new savings scheme for Dubai Government's non-Emirati employees will be implemented from July 1.

That's according to the Dubai International Financial Centre (DIFC), which is tasked with supervising the implementation of the benefits scheme, which was announced in March.

The DIFC has held several meetings with senior executives from various government entities to discuss the plan.

They discussed its advantages, enrolment 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 initiative, conceptualised after the DIFC Employee Workplace Savings (DEWS) plan, targets expatriates in Dubai government entities in the first stage, with the scope of expanding into the private sector in later stages.

"The approach is a first for the region and over time, we expect other cities and countries to adopt a similar approach. Together with industry leaders such as Equiom, Zurich and Mercer, we will continue to provide a best-in-class offering, reforming the workplace savings landscape," said Alya Hussain AlZarouni, Executive Vice President of Operations at DIFC Authority.

"The savings scheme will enable employers to manage and fund the end-of-service benefits efficiently while offering foreign employees a way to save and invest with confidence," explained Iman Saleh Bin Khatam, Director of Policy & Program Support of Dubai Government Human Resources Department.

Global professional services provider, Equiom will act as the master trustee of the scheme and the independent legal owner of contributions made by employers, while ensuring that its beneficial interest lies with employees.

Zurich Workplace Solutions will support employers and employees through the administration and management of the plan, while investment services provider, Mercer will provide independent investment advice to the master trustee of the scheme.

Mohammad AlHawi, Director of Policies and Strategies-Economic Development at the General Secretariat of The Executive Council of Dubai emphasised that the initiative is an important addition to the Government of Dubai and will play a key role in enhancing the economic and social stability that the government offers its employees.

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