The Scheme is the first of its kind in the region which will enhance end-of-service indemnities in the Government of Dubai, reports Asian Lite News
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai 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 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.
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.
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”, he 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.
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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.
The Savings Scheme has been conceptualised after the Dubai International Financial Centre (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.
The Executive Council also approved the Dubai Traffic Safety Strategy 2022-2026, which was developed by the Roads and Transport Authority and the Dubai Police Headquarters.
The strategy’s objective is to make Dubai one of the safest cities in the world and achieve the zero road deaths vision through the development and implementation of 53 strategic initiatives that fall under four key categories, traffic control, vehicle and highway engineering, traffic awareness, systems and management.
