UAE: Some firms use savings scheme to make employees ‘millionaires’ in as little as 5 years

UAE: Some firms use savings scheme to make employees ‘millionaires’ in as little as 5 years

Published: Wed 3 Apr 2024, 6:00 AM

Some UAE companies are trying to retain the best talents and offering to make them 'millionaires' through savings schemes. In addition to companies, individuals are also investing for their children and wives to make them millionaires in 5 to 7 years through saving programmes such as National Bonds' "My One Million" scheme.

To meet the residents' ambitions to become millionaires, the saving and investment firm National Bonds rolled out the "My One Million" plan in October last year. Under the scheme, both employer and employee contribute certain monthly amounts to the scheme. The profit earned during the period is also reinvested, allowing employees to reach the Dh1 million milestone faster.

Mohammed Qasim Al Ali, Group CEO of National Bonds, said many people place money with the company, which showed a desire to win its millionaire draw.

"So we wanted to pay by sure way to get their millions. By saving every month with us, they can reach Dh1 million in 5-7 years, depending on how much they can spare every month. Earned profit is reinvested back into the savings, so that becomes a much faster way to reach Dh1 million."

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