HH Sheikh Mohammed Announced New End Of Service Benefits For Private Sector Employees
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired a Cabinet meeting Monday. A few notable decisions have been made.
The UAE Cabinet approved a new end-of-service benefits system for employees in the private sector, including free zones
More to follow.
ترأست اليوم بقصر الوطن بأبوظبي اجتماعاً لمجلس الوزراء .. أكدنا في بدايته استمرار دولة الإمارات في استراتيجيتها الطموحة لقطاع تكنولوجيا الفضاء .. واستمراريتها في تأهيل وإرسال المزيد من رواد الفضاء لمحطة الفضاء الدولية .. وترحيبها بعودة ابن الإمارات سلطان النيادي أول رائد فضاء عربي… pic.twitter.com/TkFvOwYUZv
— HH Sheikh Mohammed (@HHShkMohd) September 4, 2023
The end-of-service system will be optional for private-sector employees
The system will establish a savings and investment fund that will be supervised by the Securities and Commodities Authority in coordination with the Ministry of Human Resources and Emiratisation. Employees’ end-of-service benefits will be invested in the fund with multiple options offered.
His Highness stated “The aim is to preserve the workers’ savings, which represent the end of their services in the operating companies, and to ensure that they are invested in a safe way to guarantee their rights and achieve the stability of their families… The system also allows government sector employees to participate in it for the purposes of saving and investment.”
UAE employees receive a gratuity once they retire. Those who spend one year or more in continuous service are entitled to end-of-service benefits.
#مجلس_الوزراء برئاسة صاحب السمو الشيخ محمد بن راشد يعتمد نظاماً بديلاً لمكافأة نهاية الخدمة للعاملين في القطاع الخاص وإتاحته لموظفي القطاع الحكومي للادخار والاستثمار، وإصدار 11 قانوناً اتحادياً جديداً لترسيخ البيئة التشريعية الأفضل في دولة #الامارات #وام pic.twitter.com/c9NaOQ7Tqq
— وكالة أنباء الإمارات (@wamnews) September 4, 2023
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