With the UAE’s new End-of-Service Benefits (EOSB) Savings Scheme now in motion, employers have a timely opportunity to rethink their employee benefits strategy. At its core, the scheme replaces the traditional gratuity model with a regulated, investment-based approach. These licensed EOSB investment funds are designed to ensure that employee savings are not only protected but […]
On 20 June, Umami Comms DMCC (Umami Comms), a creative communications agency based in Dubai Multi Commodities Centre (DMCC), hosted a financial wellbeing session for its employees. With rising living costs becoming a top-of-mind concern for many UAE residents, Umami Comms’ initiative was indeed timely and thoughtful, to guide employees and give them ways to […]
Today’s article is authored by Ruan van Rensburg, CEO of Lux Actuaries Financial Consulting. The AUM model referenced in this article can be obtained from Nisha Braganza, Editor-in-Chief of Pensions Monitor. Please email Nisha at nisha@pensionsmonitor.com to request for the same. Background A recent special report by the European Court of Auditors on Developing Supplementary […]
Is your company thinking of shifting from traditional End-of-Service Benefits (EOSB) gratuity to a structured savings scheme? If you’re unsure, you’re not alone. For those who are new to the topic The UAE EOSB Savings Scheme was introduced by Cabinet Resolution 96 of 2023. To date, there are four approved fund managers with more expected […]
On 8 May, a select group of HR leaders from major organizations across the UAE convened for an intimate workshop to discuss advancements in End of Service Benefits (EOSB). Hosted by international law firm Stephenson Harwood and global talent solutions firm Robert Walters, the event took place at the vibrant One Life Kitchen and Café […]
With the introduction of UAE’s End-of-Service Benefits (EOSB) Savings Scheme under Cabinet Resolution 96 of 2023, employees across the UAE now have access to a powerful financial tool: Additional Voluntary Contributions (or AVCs, in short). But what exactly are AVCs? How do they work? And why should HR support employees to take full advantage? Let’s […]
DEWS (Dubai Employee Workplace Savings), the first official End-of-Service Benefits (EOSB) Savings Scheme in the Dubai International Financial Center (DIFC), has now been operational for over five years. During this time, employers in the DIFC have been making regular contributions on behalf of their employees into investment funds, chosen by employees. Last week, we at […]
Stephenson Harwood and Pensions Monitor, in partnership with DMCC (Dubai Multi Commodities Centre), recently hosted an informative session for its members to build awareness around the UAE’s new End-of-Service Benefits (EOSB) Savings Scheme. Held on April 10 at the DMCC Uptown Dubai Business Centre, the session provided valuable practical guidance for employers on transitioning from […]
There’s been a lot of talk about End-of-Service Benefits (EOSB) in the United Arab Emirates (UAE) over the past year. For expatriates in the UAE—who make up about 90% of the workforce—EOSB is one of the most important employee benefits. This lump sum payment is provided at the end of each employment, whether through resignation […]
Apart from the two DIFC workplace savings plans (DEWS, GO SAVER) and the newly introduced End-of-Service Benefits (EOSB) Savings Scheme under Cabinet Resolution 96/2023 – let’s call these the “official schemes” – there are a number of other savings schemes on the market that are “voluntary”. Today, we shine a light on these other “voluntary” […]
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