HH Sheikh Mohammed Announced New End Of Service Benefits For Private Sector Employees

Farah Makhlouf

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.

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.

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