The DIFC sponsored Employee Workplace Savings immediately set new benchmarks at the time of its launch in February last year Image Credit: Supplied

Dubai: DIFC’s ‘Employee Workplace Savings’ plan has assets under management of $127 million a year into its launch.

The DEWS plan was launched as a major upgrade on existing end-of-service benefit payment plans and how those funds are collected and deployed. It thus provides an alternative from a defined benefits plan. (As of now, this is only available to DIFC registered companies and its workforce.)

Since the February 1, 2020 rollout, 19,182 members of DIFC – Dubai International Finance Centre - workforce from 1,187 of the free zone’s licensed firms have been enrolled in the plan. A “substantial number” also chose to make additional voluntary contributions from their salaries into the plan, which allows employees to prepare for their lifetime needs.

Who's managing the plan?
The DEWS has been set up as a 'master trust' and governed by Equiom (registered at Isle of Man), while Zurich Workplace Solutions is the plan's administrator and Mercer the investment advisor.