Event on workplace savings scheme to spotlight long-term benefits

Last November, the UAE introduced a voluntary alternative end-of-service benefits scheme for employees in the private sector and free zones called the Savings Scheme. Under the new scheme, companies can invest monthly end-of-service contributions in accredited investment funds, offering employees an opportunity to grow their gratuities and accrue financial gains over the course of their employment. To shed light on how this step is aligned with the country’s broader economic goals and enhances the financial security of employees, HAYAH Insurance and Gulf News are organising a bespoke event, Elevate your Future, Unlocking the New Pension and End-of-Service Benefits Reform in the UAE, at Holiday Inn, Business Bay in Dubai on October 8.

“By modernising the end-of-service benefits system, the UAE is positioning itself as a more attractive destination for skilled international workers, supporting its goal of becoming a knowledge-based economy,” says Mohamed Seghir, Chief Executive Officer of HAYAH Insurance. “Furthermore, these reforms contribute to the development of a more robust financial services sector, aligning with the UAE's ambition to become a global financial hub.”

Targeted at CEOs, COOs and heads of HR, the event will offer insights into the advantages of the new Savings Scheme, how companies can implement it and the legal and regulatory considerations surrounding it through keynote addresses and panel discussions. “The event will also highlight strategies that companies can follow to optimise their benefits packages, explore innovative financial products designed to support the new end-of-service benefits system and discuss the potential impact of these changes on workforce dynamics and talent acquisition,” explains Seghir.

Attendees of the half-day event will have the opportunity to learn first-hand from experts how this reform compares with global best practices in human resources management and will shape the future of work and retirement planning in the UAE.

"With the introduction of the voluntary Savings Scheme for end-of-service benefits, the UAE is taking significant strides towards a more modern and attractive employment landscape," said David George, Publisher - Commercial at Gulf News, the organisers of the event. "This initiative not only enhances the financial security of employees but also aligns with the nation’s ambition to evolve into a knowledge-based economy. Our event with HAYAH Insurance will provide leaders invaluable insights on how to leverage this reform to optimise workforce engagement and retention, ultimately positioning the UAE as a premier destination for global talent."

Companies that implement the new Savings Scheme for their workforce can also expect other long-term advantages such as potential tax benefits and improved cash flow management; reduced long-term liabilities related to end-of-service benefits; and strengthened corporate reputation as a responsible and employee-centric organisation.