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.