Dubai’s new savings scheme: Expats welcome move; highlight better financial security

Dubai’s new savings scheme: Expats welcome move; highlight better financial security

‘2020 UAE Security and Savings’ survey by global consultancy Mercer found that almost half of UAE expats have no plans for financial security post-retirement

Published: Thu 3 Mar 2022, 6:18 PM Last updated: Thu 3 Mar 2022, 6:34 PM

In a landmark move, the Dubai Government on Wednesday announced a new savings scheme for expats working in the public sector.

The expat community in the Emirate has welcomed the introduction of the new fund.

While the scheme will be optional for private sector firms, they reiterate that the idea will be an “important addition” to end-of-service benefits currently given to employees.

Many expat employees in the UAE don't do enough to ensure a steady post-retirement life, with an overwhelming number counting on just their end of service benefits.

‘2020 UAE Security and Savings’ survey by global consultancy Mercer found that almost half of UAE expats have no plans for financial security post-retirement.

Indian expat BK Senani, who had landed in the UAE in the year 1979 and is best known for his long standing and renowned bookstores, Book World Trading in Al Bada Satwa and Archies Bookshop, says, “This savings scheme is as good as the UAE Golden Visa [service]. If it is extended to the private