UAE: ‘Second salary’ plan announced for residents to generate additional income

UAE: ‘Second salary’ plan announced for residents to generate additional income

Expats and nationals who opt for the new savings solution need to place a minimum monthly investment of Dh1,000 for a minimum period of 3 years

By WAM Published: Mon 27 Mar 2023, 7:34 PM

National Bonds has announced the launch of Second Salary, a customised savings solution created for the UAE’s national and expat population to generate supplementary income. The plan is the first part of a long-term programme aimed at providing the best retirement plans in the UAE.

Second Salary is designed to empower people by offering a personalised additional income-generating solution to ensure that individuals can continue to enjoy their desired lifestyle. The plan comprises two main phases, the first being the "Saving" phase, where customers place money into National Bonds every month for a period of their choosing between 3 and 10 years. The subsequent "Income" phase allows the customer to begin drawing income every month, receiving their base investment amount monthly plus their accumulated profit.

For example, if customers save Dh5,000 monthly for 10 years, they could expect to receive Dh7,500 monthly for the subsequent 10 years. Similarly, if customers were to save Dh5,000 per month for 5 years, but choose to redeem within a period of the next