Pension fund for UAE expats: Necessaries to provide pension.
Last updated on July 6, 2019 at 6:30 pm Pension for expats is particularly important in the case of UAE because around 90 percent of ...
Last updated on July 6, 2019 at 6:30
pm
Pension for expats is particularly important in the case of
UAE because around 90 percent of the workers are expats. Said by Lawyer Barney
Almazar, director of Gulf Law. Pension, health insurance, retirement benefits
and gratuity all are compensating employees after several years of service they
provide for United Arab Emirates. Present labour legislations are going through
the mandatory end-of-service benefit which is called as EOSB in short. As per
recognizing experts said pension fund will ensure non stoppable benefits for
retiring employees.
UAE government has announced that the end-of-service gratuity
scheme will be improved.
There is no secured source of income for expats after
retirement but in his or her own country the employer is directed to contribute
to one of the social security services. Prefunding is the method he point out
to find a solution for this is company and employee both can contribute share
to the retirement fund along with including post-employment healthcare
coverage.
He also said that employers can share graduated contribution
during the working years of employees and it can collected to a trust fund, and
employees can access to the fund after their retirement.
Dr Abdulrahman Abdulmanan Al Awar, who is the
director-general of Federal Authority for Government Human Resources which is
called as FAHR in short said that “Employees several years of contribution and
services to the country will led to excellent opportunity and will be important
need in region to establish investments fund to control and manage retirement
and end-of-service benefits for the expats.
Article 141 of the UAE labour law allows the employer to
maintain pension scheme. This can be covered by the companies which provide pension,
in lieu of the modern EOSB which is granted by Article 132.
So expat employees must protect their future by knowing this
pension and end-of-service scheme by UAE government.
Source from
Khaleej Times,
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