Sheikh Hamdan during the launching ceremoy of the Savings Scheme for expats in Dubai on Wednesday. WAM
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, approved the launch of the “Savings Scheme for Foreign Employees in the Government of Dubai” to enhance the end-of-service benefits system.
The Scheme will be supervised by the Dubai International Financial Centre (DIFC) in partnership with several international investment firms that provide attractive and safe investment opportunities.
The initiative will also ensure that Dubai remains an attractive career destination that appeals to outstanding talent through an integrated system that offers employees various saving opportunities across financial portfolios that can grow their benefits and savings for the future.
The announcement was made during a meeting of the Executive Council of Dubai held on Wednesday at "Deep Dive Dubai," in the presence of Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and First Deputy Chairman of the Executive Council.
Sheikh Hamdan stressed that the Scheme will play a pivotal role in the continuous development of the government sector’s capabilities and will enhance its attractiveness to qualified professionals across various fields, while ensuring that all employees, whether citizens or residents, are provided with the support they require.
In line with international best practices and Dubai’s vision to reach unprecedented levels of excellence across the government sector, the Scheme will guarantee that all government employees and their families will be provided with growth opportunities and high quality of life, throughout their career and at the end of their service.
Sheikh Hamdan said: "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 provides employees with a number of financial benefits, most notably the opportunity to save across different financial portfolios to grow their savings and provide financial sustainability for them and their families. The Scheme will also protect and manage dues more effectively by depositing them in the Scheme starting from the date of enrolment; hence, it will not include any financial dues from former years of service to which the current legislation applies.
Additionally, employees will be able to choose multiple investment structures including traditional investment funds, and others compatible with Islamic Sharia. Employees who do not wish to invest their benefits will also be provided with options that ensure capital protection.
Sheikh Hamdan directed the formation of a steering committee headed by the General Secretariat of the Executive Council. Members of the committee include the Department of Finance, Dubai Government Human Resources Department, Government of Dubai Legal Affairs Department, Supreme Legislation Committee and Dubai International Financial Centre.
The committee will develop an action plan, set executive procedures, oversee the workflow of the Scheme and achieve its objectives, while studying the possibility of extending the new system to the private sector in Dubai on a voluntary basis, in accordance with the legislation in force and in alignment with relevant federal and local authorities. The Savings Scheme has been conceptualised after DIFC successfully implemented it for employees working within the DIFC in the year 2020.
The Scheme is expected to boost financial liquidity in Dubai in the coming years and enhance the quality of the evolving financial environment in the emirate. Under the supervision of DIFC, the board of trustees and international investment firms will assume the duties of overseeing the Savings Scheme within a governance system that ensures the efficiency and effectiveness of the Scheme to guarantee it serves the employees’ interests first and foremost, provides multiple investment avenues, and supports the planning and management of human resources in Dubai by securing end-of-service benefits for employees on a regular and sustainable basis within a highly efficient integrated system.
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