Minimum custom amount to enter is AED 2
By donating, you agree to the Privacy Policy and Terms of Service
Amendments to the DIFC Employment Laws and new regulations have been made to introduce a new end of service savings plan.
Employees under DIFC jurisdiction take note!
HH Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE and Ruler of Dubai enacted the Employment Law Amendment Law No. 4 of 2020 this week.
The current end-of-service gratuity payment regime, which has been in place since 2004, has been replaced with the new Qualifying Scheme workplace savings scheme and employers will soon need to start paying a minimum of 5.83% of your monthly wage to the scheme, on your behalf.
New Employment Regulations have been released which outline the requirements for qualifying for the scheme, proving a commitment to regulation in the DIFC.
It’s worth noting any that any end-of-service benefits accrued under the current regime remain in place, and these can be paid into the new Qualifying Scheme.
On top of the mandatory monthly contributions to be made by employers under the Employment Law, employees can also make voluntary workplace savings contributions into the Qualifying Scheme.
5.83 % of monthly basic wage (for employees who have less than five years’ service), and 8.33 % of monthly basic wage for employees who have longer service
And there are exceptions for international institutions already contribution to pensions on behalf of their employees. More information here.
Minimum custom amount to enter is AED 2
By donating, you agree to the Privacy Policy and Terms of Service