UAE: Golden pensions scheme for expats to increase gratuity

Dubai: The UAE government on Tuesday announced the “Golden Pension scheme” which will help people plan their retirement.

Under the scheme, employees will have the luxury to pay as less as Dh100 on a monthly basis, and gain profits on their savings. This can be availed in addition to the gratuity provided by their respective organisations. The pension scheme has been drafted after demands were raised by employees.

The scheme aims to enhance organisation-employee relations with their employee retention as well as help them plan ahead for the end-of-service financials.

“Retirement planning is extremely important to ensure people stay financially stable and independent. Today, the UAE is home to over 8 million expats,” National Bonds Group CEO Mohammed Qasim Al Ali was quoted as saying by Khaleej Times.

“With this first-of-its-kind initiative designed especially for the private sector, we want to enable expats to invest in their future while supporting corporates with their employee retention strategy,” he added.