Dubai launches a Saving Fund for Foreign Employees in the Government

During a meeting of The Executive Council of Dubai held on Wednesday, March 2022, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of the Executive Council launched a savings fund for expats working in the Government. This initiative is optional for private sector firms, and it aims to encourage a culture of savings and financial planning among expatriate employees, protect the rights of expatriate employees and give them opportunities to maximize their savings. 

Dubai Government will continue to launch initiatives to ensure the welfare of its employees in accordance with international best practices pic.twitter.com/uEdHBW6V3d

— Hamdan bin Mohammed (@HamdanMohammed) March 2, 2022

The scheme is the first of its kind in the region and follows international best practices, it is managed by a board of trustees and international investment institutions under the supervision of the Dubai International Financial Centre. The initiative will: 

• Enhance end-of-service indemnities in the Government of Dubai. 

• Provide a series of investment mechanisms in line with employees’ preferences, including the provisions of Islamic Sharia, with a guarantee of capital protection for employees who do not wish to invest. 

• Deposit financial dues starting from the date of plan enrolment; and  

• Study the extent to which this system can be voluntarily applied to private-sector employees in Dubai, following coordination with relevant federal and local entities. 

Find more news about UAE and visit UAE Moments.