DIFC holds talks on rolling out Dubai savings scheme from July 1
The scheme targets expatriates in Dubai government entities in its first stage
Dubai: The Dubai International Financial Centre (DIFC) held talks with several government entities to discuss the implementation of the ‘Savings Scheme for Employees in Government of Dubai’ for expatriates, scheduled to come into effect from July 1 this year.
The meetings, part of a series of direct awareness sessions for institutions and employees to get acquainted with all the details of the scheme, were attended by executives, human resources managers and employees from government entities that will start implementing the new scheme.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, had approved the launch of the scheme in March 2022 with the aim of attracting and retaining talent by providing an integrated system that offers various savings opportunities for employees to secure their present and future.
The scheme conceptualised after the DIFC Employee Workplace Savings (DEWS) plan targets expatriates in Dubai government entities in its first stage, with the scope of expanding its implementation in later stages.
Alya Hussain Al Zarouni, Executive Vice President – Operations, DIFC Authority, said: “Expanding the DEWS plan across the Dubai government entities supports the emirate’s vision to be a leading hub for talent. This comprehensive savings plan is utilised for retirement planning and aligns with global best practices. The approach is a first for the region and over time, we expect other cities and countries to adopt a similar approach in the coming years.”
Commenting on this, Mohammad AlHawi, Director of Policies and Strategies-Economic Development at the General Secretariat of The Executive Council of Dubai highlighted that the savings scheme is considered 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.
“The scheme will contribute to strengthening Dubai’s position as a global financial centre, which is recognised as an incubator for expertise and competencies from around the world.”
Iman Saleh Bin Khatam, Director of Policy and Program Support of Dubai Government Human Resources Department, said: “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.”
When DEWS was launched in February 2020, it was the first scheme of its kind in the region and reformed the end-of-service benefits regime for people working in DIFC, aligning with the international retirement savings standards.
Global professional services provider Equiom will act as the master trustee of the scheme and the independent legal owner of contributions made by employers. Zurich Workplace Solutions will support employers and employees through the administration and management of the plan. Investment services provider Mercer will provide investment advice to the master trustee of the scheme.