ABU DHABI – The UAE Cabinet has approved a new savings and investment scheme for private sector employees in the UAE, including free zones. Companies can decide whether to participate in this private sector-led initiative.
The decision was taken at a cabinet meeting held at Qasr Al Watan, Abu Dhabi under the chairmanship of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. The Securities and Commodities Authority and the Ministry of Manpower and Indigenization will oversee the funds for the new scheme for the private sector. A certain amount will be taken from the salary of the workers who are interested in joining the scheme every month and will be invested in various schemes that generate income.
The income from this will be given to the workers. Apart from this, it is also intended to invest the employees’ service benefits in such a way that they will benefit financially. The aim is to protect workers’ savings and ensure that they invest safely. This investment will be a relief to the workers at a time when the work is insufficient. Yesterday, the cabinet meeting approved 11 federal laws that promote social stability, economic growth and better quality of life.
English Summary: UAE introduced a new system for end-of-service benefits for workers in the private sector and freezones.
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2023-09-05 13:03:07
