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You can now invest your End-of-Service Benefits: What are your options?
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 […]
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How can insurers enter UAE’s new End-of-Service Saving scheme market?
This article is authored by Ruan van Rensburg, Executive Director at Lux Actuaries and Consultants and was first published by the DIFC Insurance Association on 9 July 2024 and updated on 11 July 2024. Members in the DIFC will be well acquainted with DEWS – a defined contribution saving scheme that replaced the old unfunded […]
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DIFC’s DEWS vs. MoHRE’s End-of-Service Saving Scheme: Who got it right?
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 […]
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Hayah receives SCA approval
Hot on the heels of Daman Investments, it has been revealed that Hayah Insurance has received approval by the Securities & Commodities Authority (SCA) for its End of Service Saving (EoSS) product. We are still awaiting details for Hayah’s offering, but let us briefly summarise a few key points: Firstly, it has to be noted […]
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Did you say USD 100 bn?
Once the new end-of-service savings scheme (‘EoSS’) takes off in the UAE, and once it becomes compulsory, every month, every single employer will pay a certain percentage of every single employee’s salary into investment funds. Question: How much money will there be in these funds, after one year, after five, after ten? The answer to […]
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EoSS makes way for a brand new pensions market in the UAE: Who will enter?
Ever since the new End-of-Service Savings (‘EoSS’) scheme was announced by the UAE’s Cabinet of Ministers late last year, rumours have been doing the rounds on who will enter the market first and launch a compliant EoSS product. Fund managers For Fund Managers, EoSS is literally a dream come true with the opportunity to significantly […]
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The new End-of-Service Savings system in the UAE: Are you prepared?
In October 2023, the UAE Cabinet announced a new alternative to the current End of Service Benefits (EoSB) system popularly known as indemnity. Let’s coin the new alternative as End of Service Savings (EoSS).