DIFC plans to implement new ‘Savings Scheme’ for employees

Dubai International Financial Centre (DIFC), the entity responsible for supervising the implementation of the ‘Savings Scheme for Employees in Government of Dubai’ for expatriates, held several virtual town hall meetings with senior executives from various Government entities to discuss the detailed implementation plan of the savings scheme, which will be in effect from July 1 this year. These meetings are part of a series of direct awareness sessions for institutions and employees to get acquainted with all the details related to the scheme.

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of The Executive Council, approved the launch of the scheme in March 2022 with the aim of attracting and retaining talent by providing an integrated system that offers various savings opportunities for employees to secure their present and future. The scheme conceptualised after the DIFC Employee Workplace Savings (DEWS) plan, targets expatriates in Dubai government entities in the first stage, with the scope of expanding its implementation in later stages.

The virtual meetings were attended by executives, human resources managers and employees from government entities that will start implementing the new scheme. The attendees learned about the advantages of the scheme, enrolment details and types of financial contributions, in addition to procedures followed at all levels, which include the employee, employer and the supervisory board of the scheme.

Alya Hussain AlZarouni, Executive Vice President – Operations, 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.”

Commenting on this, Mohammad AlHawi, Director of Policies and Strategies-Economic Development at the General Secretariat of The Executive Council of Dubai highlighted that the savings scheme is considered an important addition to the Government of Dubai and will play a key role in enhancing the economic and social stability that the government offers its employees.

He added: “The scheme will contribute to strengthening Dubai’s position as a global financial centre, which is recognised as an incubator for expertise and competencies from around the world, in accordance with international best practices. This is in the interest of the workforce and its development within an integrated system that enhances the attractiveness and flexibility of the labour market in the Emirate.”

Iman Saleh Bin Khatam, Director of Policy and programme Support of Dubai Government Human Resources Department, said: “The savings scheme will enable employers to manage and fund the end-of-service benefits efficiently while offering foreign employees a way to save and invest with confidence. With DEWS, we empower employees to take control of their financial future.”