On 17 April, HAYAH Insurance (HAYAH) brought together over 50 companies for another “Jalsa by HAYAH” — its signature gathering — that wasn’t just about End-of-Service Benefits (EOSB).

This time, the focus was on the UAE’s growing retirement savings gap and the role employers can play in reducing it, with a smart solution like Your Employee Saver (YES) by HAYAH.

The poll said it all

But the real insight came from the live poll conducted during the session.

As HR and finance leaders weighed in, more than half – 55% of companies – said they believe employees are most interested in support with retirement planning. So, it’s not that companies are unaware; many are still figuring out how to respond.

Just like in our recent session at DMCC in partnership with Stephenson Harwood, the biggest roadblock remains a lack of clarity around EOSB, with 55% of companies ranking it as their top challenge.

And while interest in switching to structured EOSB savings plans is growing, it’s mainly a commercial decision for companies. Nearly half—47%—said they need to see clear cost advantages and operational ease before making a move.

In short, companies are looking for solutions that make sense—financially, operationally, and for their people.

YES by HAYAH: Does it tick the boxes?

HAYAH took the opportunity to showcase its retirement planning solution, YES by HAYAH, which has been on the market since 2022 and reportedly covers around 30,000 employees as of today. The solution is designed to support with not just EOSB, but long-term wealth creation for employees. It’s said to be a fully digital solution that aligns with EOSB regulations and includes several other practical features.

Highlights include:

Cross-border flexibility, ideal for companies operating in multiple countries or transferring employees.
Corporate Tax efficiencies
Vesting options
Customizable death and disability cover, available as an add-on for a fee.

In terms of fund offerings, YES by HAYAH is said to include a risk-free guaranteed fund backed by reinsurance. However, no details were shared during the event regarding the fund’s performance, or the other available investment options – such as risk-based and Shariah compliant funds. We’ve been told that this information will be made available soon, and Pensions Monitor will continue to track these updates.

Furthermore, we’d like to clarify for our readers that YES by HAYAH is a voluntary workplace savings scheme, and not an official scheme under Cabinet Resolution 96 of 2023. We’ve been informed that HAYAH is currently in the final stages of obtaining approval under this framework.

In the meantime, companies should keep in mind that while they are free to explore and participate in voluntary schemes, doing so does not replace their EOSB obligations under the current gratuity system.

That said, for employers who are more focused on offering additional retirement planning support as a value-added employee benefit, YES by HAYAH could represent an interesting option—pending further clarity on fund offerings and performance.

HAYAH also demoed its proprietary EOSB and Pension Calculator during the event, a free planning tool that they say helps companies estimate liabilities, project potential returns and explore ways to optimize tax strategies. Click here to try it out.

Auto-enrollment can reduce the retirement savings gap

The event also featured a panel discussion with wealth managers who highlighted a key point: closing the retirement savings gap requires habitual saving.

They noted that most UAE residents generally do not have easy access to investment platforms, except through banking channels, which often come with high fees. Moreover, there’s also a lack of financial literacy and confidence to use such investment platforms – many people don’t know where to begin, which explains why traditional habits like investing in real estate or buying gold still dominate.

That’s where auto-enrollment through workplace schemes, broadly speaking, can make a difference.

These schemes are designed to give employees access to low-cost, often institutional-rate investment options, that are professionally curated to suit their age and life stage. For example, someone aged 25–40 will likely have very different financial goals than someone aged 40–60. By offering tailored investment pathways, these schemes can support individuals in building wealth more effectively over time.

But guidance is important

The panel also emphasized that while fund choices in workplace savings schemes are important, so is guidance. Most UAE residents are not financial experts, so having a default option that fully protects capital – like the risk-free guaranteed fund offered by YES by HAYAH – is considered essential. It was further explained that HAYAH’s risk-free guaranteed fund is designed not only to preserve capital but also lock in yearly gains, which then compound over time.

As one panelist put it well: “We’re not catering to the small proportion of residents who are financially literate, we’re building wealth for the remainder who aren’t.”

According to HAYAH’s EOSB and Pension Calculator, the risk-free guaranteed fund is assumed to deliver an estimated average net return of 2.8% per year.

Takeaway

The 17 April Jalsa wrapped up with a key message: saving for retirement doesn’t have to be complicated; it just has to start, and employers can play a big role in this process.

Held at The Mandarin Oriental Jumeirah, Dubai, the event was also attended by senior government officials, signaling the government’s support for proactive employer action on long-term financial wellbeing of UAE residents.