One key feature of the new End-of-Service Savings scheme (aka, Cabinet Resolution 96) is that each provider must offer a “capital guarantee” option. Everyone likes a no-risk investment opportunity of course – but let’s examine a bit more closely what these funds are, how they work, the alternatives and their drawbacks. Government debt-based funds The […]
Back in 2020, Dubai International Financial Centre (DIFC) had introduced the DIFC Employee Workplace Saving plan or, DEWS in short. The scheme has since replaced the old End-of-Service Benefit (EOSB) system in the DIFC. Now, the plan has been running for more than four years, and it’s time to take stock. Below are the key […]
Since the UAE’s new alternative End-of-Service Savings scheme was announced last year, many fund managers, banks and insurers have been racing to structure and launch a compliant product offering. The question was: Who would be the first to market? This was recently confirmed. Congratulations to Daman Investments PSC (Daman Investments) and Lunate Capital LLC (Lunate) for becoming the first two accredited fund […]
Back in 2020, Dubai International Financial Centre (DIFC) introduced the DIFC Employee Workplace Saving scheme, better known as DEWS. DEWS essentially restructured the old ‘defined benefit’ (DB) End-of-Service gratuity plan in the DIFC into a funded ‘defined contribution’ (DC) plan. In short, employers pay a percentage of employee wages as monthly contributions and each employee […]