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Expats in UAE to get retirement savings fund
| Published: | 21 May at 6 PM |
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The UAE is proposing a non-Emirati retirement savings fund to run alongside the expatriate end-of-service gratuity scheme.
The UAE’s Federal Authority for Government Human Resources (FAHR) is in consultation over a new proposal to introduce a retirement fund based on savings for expat professionals living and working in the Emirates. The consultation is expected to decide on the best practice for the management of a pension fund.
According to a spokesperson for FAHR, the move is expected to help both officials and employees plan ahead for retirement by taking advantage of several end of service benefits via the setting up of investment funds, thus successfully utilising individual financial resources following retirement. One further advantage of the scheme is its potential job creation ability for new generations of millennials, considered an important new step in improving the emirates’ local unemployment totals. Enhancement and improvements to benefits on offer to expat professionals are expected to attract and retain the brightest and best international talent.
Meanwhile in Kuwait, the emirate’s Health Minister is reassuring journalists as to the readiness of the emergency services should the Middle East become involved in a war. He said anti-radiation medicines have been stockpiled for use by citizens as well as by the military. The minister added the stock of available medicines is enough for six months in accordance with an already established emergency plan, with another delivery expected to arrive in the very near future. In addition, surgeons are being urged to undertake international training courses as well as holding training sessions for volunteer health workers.
The UAE’s Federal Authority for Government Human Resources (FAHR) is in consultation over a new proposal to introduce a retirement fund based on savings for expat professionals living and working in the Emirates. The consultation is expected to decide on the best practice for the management of a pension fund.
According to a spokesperson for FAHR, the move is expected to help both officials and employees plan ahead for retirement by taking advantage of several end of service benefits via the setting up of investment funds, thus successfully utilising individual financial resources following retirement. One further advantage of the scheme is its potential job creation ability for new generations of millennials, considered an important new step in improving the emirates’ local unemployment totals. Enhancement and improvements to benefits on offer to expat professionals are expected to attract and retain the brightest and best international talent.
Meanwhile in Kuwait, the emirate’s Health Minister is reassuring journalists as to the readiness of the emergency services should the Middle East become involved in a war. He said anti-radiation medicines have been stockpiled for use by citizens as well as by the military. The minister added the stock of available medicines is enough for six months in accordance with an already established emergency plan, with another delivery expected to arrive in the very near future. In addition, surgeons are being urged to undertake international training courses as well as holding training sessions for volunteer health workers.
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