Over a year since its introduction, the new End-of-Service Benefits (EOSB) Savings scheme has officially enrolled its first clients.
Among the early adopters is BSA LAW (BSA), a prominent advocacy and legal consultancy firm in the UAE, which has announced its participation in the scheme by partnering with Daman Investments to manage its employees’ savings fund. The Ministry of Human Resources and Emiratisation (MoHRE) confirmed the news via social media, emphasizing that the new scheme is an innovative alternative to the current gratuity system for companies to attract and retain talent while improving employee well-being.
BSA has a strong presence in the Dubai International Financial Centre (DIFC), where its employees have likely been enrolled in the DIFC Employee Workplace Savings (DEWS) scheme since it became mandatory in 2020. In addition to its DIFC operations, the firm also has an onshore presence in Abu Dhabi, Sharjah, and Ras Al Khaimah. It is assumed that BSA has now registered its mainland employees in the EOSB Savings scheme, ensuring that all of its staff benefit from the same level of financial security.
Maysaa Maarouf, Head of Human Resources and Administration at BSA, explained in the social media post, “When the EOSB Savings scheme was launched, we were among the first to participate in it, because we’ve always strived to offer our employees a better financial future, even after they leave the firm. There is no doubt that participating in a programme like this provides employees with a sense of comfort and reassurance regarding their future. We are talking about employees who have been with the firm for decades, relying on their EOSB to ensure a better future.”
As the buzz around the new EOSB Savings scheme grows, and with speculation that it may eventually become mandatory, an increasing number of companies in the UAE are exploring their options and seeking expert advice. At the same time, several voluntary pension-like plans are available in the UAE that are not regulated by MoHRE. Are these plans equivalent to the EOSB Savings scheme? What considerations should be kept in mind? We will address these questions in more detail in a separate article.
In the meantime, for more information on the new scheme, what it means for your company and how to prepare for its implementation, be sure to check out our quick introductory videos and do subscribe to our free newsletter for the latest updates on End-of-Service Benefits.
