Due to the influx of Indians working in UAE, the government has taken a big decision

New Delhi, dated 28th September-2023, Thursday

There have been big reports for Indians working in Saudi Arabia. In early September, the UAE Cabinet approved a new alternative system for end-of-service gratuity for workers in the country, replacing the current end-of-service system, although this law No date has been announced yet. A cabinet meeting was held on 4 September, in which the government announced 11 new federal laws. Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, Prime Minister and Ruler of Dubai (Mohammed bin Rashid Al Maktoum) was also present in this meeting.

What is the benefit of the new investment scheme for employees?

On how employees will benefit from the new investment scheme, Matthews-Taylor, head of Joan Baker McKenzie UAE, said that under the new scheme, employees can move forward after completion of tenure with 'higher service gratuity' compared to the old system, which is dependent on the overall performance of the investment fund. Subject to...

Necessary matters related to the plan...

According to the UAE Government Media Office, it is an optional arrangement for employers to join the scheme. The new system of gratuity on termination of service will be applicable to private sector and liberal sector employees. The new scheme involves the establishment of a private sector investment and savings fund under the supervision of the Securities and Commodities Authority in coordination with the Ministry of Human Resource Development (MOHRI)... Government sector employees can also opt for this new system for savings and investment purposes.

What is the current service termination plan?

Currently, employees are entitled to a lump sum payment after working continuously for one year in any company. The amount is calculated based on the number of years of service.

What is the new end-of-service investment scheme?

Companies joining this optional scheme have to make a monthly contribution and at the end of the service, the employees will get a return from the savings and investment made by the company.

How will the service termination amount be invested?

There are three ways to invest the termination of service amount... first way is risk-free investment which preserves capital... second way is risk-based investment... followed by investment according to Shariah law...

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