Crown Prince of Dubai and Chairman of Dubai Executive Council, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has launched the “Savings Scheme for Foreign Employees in the Government of Dubai” to improve the end-of-service benefit system.
The Dubai International Financial Center will oversee the Savings Scheme in collaboration with several international investment firms that offer attractive and secure investment opportunities.
The announcement was made at a meeting of the Dubai Executive Council at “Deep Dive Dubai” in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance, and First Deputy Chairman of the Dubai Executive Council.
The initiative will ensure that Dubai continues to be an attractive career destination that attracts the best talent through an integrated system that offers employees a variety of savings opportunities across financial portfolios that can enhance their future achievements and savings.
Sheikh Hamdan stressed that the project will play a crucial role in the continuous development of the capabilities of the government sector and increase its appeal to qualified professionals in various fields. The scheme also ensures that all government employees and their families are provided with growth opportunities and a high standard of living throughout their careers as well as the end of their service, to achieve unprecedented excellence across the public sector in line with international best practices and Dubai vision.
Sheikh Hamdan further added that “The steering committee, led by the General Secretariat of The Executive Council, will implement an integrated plan to ensure that the objectives of the Scheme are met, through which we seek to offer equitable opportunities for our brothers and sisters in the Dubai Government in recognition of their efforts and determination.”
“We seek to enhance the flexibility and attractiveness of the market in Dubai through the continuous development of our systems. The Savings Scheme is a new step towards attracting more talent, innovators, and investors across various fields, as we look to consolidate Dubai’s position as a leading city that delivers optimum work and living standards”, Sheikh Hamdan added.
The scheme offers many financial benefits to the employees, especially the opportunity to increase their savings and provide financial sustainability for them and their families to save in different financial portfolios. By depositing in the scheme from the date of enrollment, the arrears will be more effectively protected and managed. Therefore, it does not include any financial dues from the previous year’s service under the current legislation. In addition, employees can choose from multiple investment structures, including traditional investment funds, and others that comply with Islamic Sharia. Employees who do not wish to invest their benefits will also be offered options that guarantee capital protection.
Savings Scheme for Foreign Employees in the Government of Dubai
The Steering Committee for the Initiative will be headed by the General Secretariat of the Executive Council with other members being;
Department of Finance
Dubai Government Human Resources Department
Government of Dubai Legal Affairs Department,
Supreme Legislation Committee
Dubai International Financial Centre
The committee will develop an action plan, set up executive procedures, oversee the workflow of the scheme and achieve its objectives, while studying the possibility of voluntarily extending the new system to the private sector in Dubai, in line with existing legislation, and association with relevant federal and local authorities.
The savings scheme was conceived by the Dubai International Financial Center (DIFC) after its successful implementation in 2020 for DIFC employees. The Scheme is expected to increase economic liquidity in Dubai in the coming years and enhance the quality of the economic environment in the emirate.
Under the supervision of DIFC, the Board of Trustees and international investment institutions will oversee the savings scheme within a single governing body that ensures the efficiency and effectiveness of the Scheme, which will serve the interests of the employees, by providing multiple investment avenues. It also supports Dubai’s human resource planning, management, and investment avenues by ensuring after-service benefits to employees on a sustainable and regular basis within a highly efficient integrated system.
