Dubai has come up with a new scheme for all the expat employees working with the government, barring a few categories. The new saving scheme is known as the Dubai International Financial Centre Employee Workplace Savings (DEWS) plan.
The conceptualization of this scheme was originally announced in March 2022 via Twitter by His Royal Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who is the crown prince of Dubai and also holds the position of Chairman of the Executive Council.
The implementation of this scheme will begin in multiple phases starting July 1, 2022. It is required that all government employees have to enroll themselves in this scheme.
What is the objective of this scheme?
The main objective of this scheme is to attract as well as retain talented expats by providing them with an integrated system of saving opportunities.
According to Jaques Visser, Chief Legal Officer of DIFC Authority, there won’t be any automatic deductions from the employer’s salary in this new scheme.
The initiative is intended to encourage employees to think about their future and retirement plans and to promote a culture of saving.
Will the scheme be available to all expatriate workers in Dubai?
At the moment, the scheme is not available to private-sector workers. It will only be available to those working in the public sector and it is not mandatory to enrol in this scheme.
In order to oversee the fair implementation of this scheme, Dubai International Finance Centre (DIFC) will supervise the work.
Image Credits: https://hamdan.ae/en-us