The new savings scheme for employees of the Dubai government will come into effect on 1 July.
Approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council in March 2022, the initiative will help employees secure funds for their future.
The scheme will start out with the government sector and will further be expanded to other sectors.
Equiom, the global professional services provider, will be the master trustee of the scheme and the independent legal owner of contributions made by employers while ensuring that its beneficial interest lies with employees.
Zurich Workplace Solutions will support employers and employees through the administration and management of the plan.
Mercer, the investment services provider, will provide independent, tried and tested investment advice to the master trustee of the scheme.
Alya Hussain Al Zarouni, Executive Vice President of Operations at DIFC Authority said, "Expanding the DIFC Employee Workplace Savings (DEWS) plan across the Dubai government entities supports the emirate’s vision to be a leading hub for talent. This comprehensive savings plan is utilised for retirement planning and aligns with global best practices. The approach is a first for the region and over time, we expect other cities and countries to adopt a similar approach in the coming years. Together with industry leaders such as Equiom, Zurich and Mercer, we will continue to provide a best-in-class offering, reforming the workplace savings landscape."