Following the publication of our previous article on the Financial Performance FY 2023 of Smart Pension Limited (“Smart Pension” or “Company”), Pensions Monitor was contacted by the Company who asked us to provide the readership with additional information on its current performance: The (unaudited) results for H1 2024 have improved significantly: EBITDA (that is: Earnings […]
National Bonds Corporation Sole Proprietorship PSC (“National Bonds” or “Company”) has officially been recognized as a provider for the new End-of-Service Benefits (EOSB) Savings Scheme, according to information cited on the Ministry of Human Resources and Emiratisation (MoHRE) website on 2 October 2024. This disclosure follows the earlier approvals of Daman Investments and Lunate in […]
The company Smart Pension Limited (“Smart Pension” or “Company”) is perhaps not a household name here in the GCC, however, it does play a very important role behind the scene. Smart Pension is the IT administration system that powers DEWS, the End-of-Service Benefits (“EOSB”) savings scheme in Dubai International Financial Center (“DIFC”). This scheme currently […]
The new alternative End-of-Service Benefits (EOSB) savings scheme is a significant shift from the current system of simply accumulating the EOSB liability until employees separate from the company – by way of resignation, termination, or death. Apart from the accumulated EOSB provision, the cost to the company will now be a known percentage of payroll, […]
In recent weeks, Pensions Monitor has been engaging with companies to assess their understanding and readiness for the new End-of-Service Savings scheme. While most companies are aware of the scheme, many feel that there is little urgency as the scheme is still optional. Moreover, there are no investment options available yet. However, this voluntary phase […]
Many companies have been enquiring about the new alternative End-of-Service Benefits (EOSB) Savings scheme that was announced last year. Given that enrolment is entirely optional at present, companies are weighing the pros and cons of transitioning to the new scheme. We discussed in a previous article some key considerations for HR managers on transitioning to […]
In our previous articles we featured some startups that have appeared on the scene, including FinFlx, Aurem and Equevu. All of them offer some sort of investment product, linked to End-of-Service Benefits that is managed through an ‘in-house’ technology solution. Now it turns out that one more new provider has emerged – namely “Benefitster” (full […]
It is now nearing a year since the introduction of the new alternative End-of-Service Savings (EoSS) scheme by MOHRE and SCA. So far, there are only two approved providers for the scheme and even so, as of date (August 2024), there are no active products in the market. Reason: The two approved providers are pure […]
The new End-of-Service Savings (EoSS) scheme or the corporate pensions industry in the UAE as we like to call it, is slowly taking shape. As announced previously, the first providers have received their licenses from SCA (Securities and Commodities Authority) and MoHRE (Ministry of Human Resources and Emiratisation). Daman Investments, Lunate, and Hayah Insurance are certain […]
There is a growing buzz around the new End-of-Service Savings (EoSS) scheme, which was introduced last November by the Ministry of Human Resources and Emiratisation (MoHRE) and the Securities and Commodities Authority (SCA). To recap: The current “End-of-Service Gratuity Benefit” system is being revamped. Instead of a lumpsum cash payment at the end of employment, […]
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Smart Pension Limited: Post Scriptum
Following the publication of our previous article on the Financial Performance FY 2023 of Smart Pension Limited (“Smart Pension” or “Company”), Pensions Monitor was contacted by the Company who asked us to provide the readership with additional information on its current performance: The (unaudited) results for H1 2024 have improved significantly: EBITDA (that is: Earnings […]
Read More
National Bonds becomes third approved provider for UAE’s EOSB Savings Scheme
National Bonds Corporation Sole Proprietorship PSC (“National Bonds” or “Company”) has officially been recognized as a provider for the new End-of-Service Benefits (EOSB) Savings Scheme, according to information cited on the Ministry of Human Resources and Emiratisation (MoHRE) website on 2 October 2024. This disclosure follows the earlier approvals of Daman Investments and Lunate in […]
Read More
Smart Pension Limited: Will there ever be light at the end of the tunnel?
The company Smart Pension Limited (“Smart Pension” or “Company”) is perhaps not a household name here in the GCC, however, it does play a very important role behind the scene. Smart Pension is the IT administration system that powers DEWS, the End-of-Service Benefits (“EOSB”) savings scheme in Dubai International Financial Center (“DIFC”). This scheme currently […]
Read More
Should employment contracts be amended before enrolling employees in the new alternative EOSB savings scheme?
The new alternative End-of-Service Benefits (EOSB) savings scheme is a significant shift from the current system of simply accumulating the EOSB liability until employees separate from the company – by way of resignation, termination, or death. Apart from the accumulated EOSB provision, the cost to the company will now be a known percentage of payroll, […]
Read More
Pensions Monitor: “UAE companies should start documenting their Pension Strategy now.”
In recent weeks, Pensions Monitor has been engaging with companies to assess their understanding and readiness for the new End-of-Service Savings scheme. While most companies are aware of the scheme, many feel that there is little urgency as the scheme is still optional. Moreover, there are no investment options available yet. However, this voluntary phase […]
Read More
FTA confirms: Tax benefits apply on EOSB contributions to funds for ‘all’ employees in the UAE, conditions apply
Many companies have been enquiring about the new alternative End-of-Service Benefits (EOSB) Savings scheme that was announced last year. Given that enrolment is entirely optional at present, companies are weighing the pros and cons of transitioning to the new scheme. We discussed in a previous article some key considerations for HR managers on transitioning to […]
Read More
Benefitster: ‘The’ technology solution for End-of-Service Savings in the UAE?
In our previous articles we featured some startups that have appeared on the scene, including FinFlx, Aurem and Equevu. All of them offer some sort of investment product, linked to End-of-Service Benefits that is managed through an ‘in-house’ technology solution. Now it turns out that one more new provider has emerged – namely “Benefitster” (full […]
Read More
HAYAH Insurance to become the third approved provider for the End-of-Service Savings scheme in UAE?
It is now nearing a year since the introduction of the new alternative End-of-Service Savings (EoSS) scheme by MOHRE and SCA. So far, there are only two approved providers for the scheme and even so, as of date (August 2024), there are no active products in the market. Reason: The two approved providers are pure […]
Read More
Do companies need independent advice on End-of-Service Savings products in UAE?
The new End-of-Service Savings (EoSS) scheme or the corporate pensions industry in the UAE as we like to call it, is slowly taking shape. As announced previously, the first providers have received their licenses from SCA (Securities and Commodities Authority) and MoHRE (Ministry of Human Resources and Emiratisation). Daman Investments, Lunate, and Hayah Insurance are certain […]
Read More
The new End-of-Service Savings scheme to become compulsory in 2025? Key considerations for HRs
There is a growing buzz around the new End-of-Service Savings (EoSS) scheme, which was introduced last November by the Ministry of Human Resources and Emiratisation (MoHRE) and the Securities and Commodities Authority (SCA). To recap: The current “End-of-Service Gratuity Benefit” system is being revamped. Instead of a lumpsum cash payment at the end of employment, […]