IN UAE, PENSION SCHEMES MARK OUT A FINANCIAL FUTURE FOR EXPATS: It’s difficult to break habits, especially those related to planning for a life of retirement. Through the decades, employers in the UAE have taken care of the gratuity schemes, and laws are clear on just about all the processes associated with funding them. Employees on their part would have an idea of how much they are eligible at the time of leaving the employer. But now, the time is ripe for employees to turn more hands on with their retirement planning – paying into pension schemes. It will give them a more direct sense of planning for the financial future, and with certain schemes, decide on the element of investment risk they want to take on. National Bonds’ push into this space – through the Golden Pension Scheme – makes it accessible to the ’89 per cent of the population’ who are expatriates. Working with employers, the scheme can help gain more traction for pension planning. And at the right time, prepare employees for a possible future switch from gratuity schemes. (By Manoj Nair, Business Editor)
Shutterstock