Features of the optional savings system as an alternative to end-of-service rewards in the Emirates
Hours ago, the Ministry of Human Resources and Emiratisation in the United Arab Emirates announced the advantages of participating in the optional savings system, as an alternative to end-of-service rewards in the Emirates.
The characteristics of the savings program that customers can choose to participate in instead of receiving end-of-service benefits in the Emirates
As an alternative to end-of-service incentives in the Emirates, the Ministry of Human Resources and Emiratisation in the United Arab Emirates just a few hours ago announced the benefits of participation in the optional savings scheme, which is offered as an alternative.
Subscribe to the voluntary savings system after resigning from work
After leaving your job, you should enroll in the savings program for retired people, Dr. Abdul Rahman Al-Awar, Minister of Human Resources and Emiratisation, stated that a worker, after resigning from his job, has the right to continue participating in the optional savings system as an alternative to the end-of-service reward, if he so desires. The Ministry of Human Resources and Emiratisation recently announced the start of its application of this policy, which was stated by Dr. Abdul Rahman Al-Awar.
Allowing the transfer of a worker’s participation in a fraudulent savings system from one employer to another
Permitting a worker's involvement in a fraudulent savings system to be transferred from one employer to another during the course of their employment, Because "there is no minimum salary that allows the worker to be chosen by the employer to participate in the optional savings system," he noted that if the worker moves, the worker can transfer his participation in the savings system from his present employer to the new employer. He also emphasized that "there is no minimum salary that allows the worker to be chosen by the employer to participate in the optional savings system."
Categories of subscription to the optional savings system as an alternative to the end-of-service reward
As an alternative to the end-of-service incentive, many types of subscriptions to the savings system that is voluntary are available, The Director of the Legal Affairs Department at the Securities and Commodities Authority, Khaled Mahmoud Muhammad, stated that the decision of the alternative voluntary savings system for the end-of-service reward made a difference between skilled workers who receive 4,000 dirhams or more and unskilled workers who receive less than this amount in the type of investment that is available to each worker. This difference was due to the fact that the alternative voluntary savings system for the end-of-service reward was chosen. A category for them in the savings system, and he explained that unskilled workers will have their investments in guaranteed instruments, and their money will not be exposed to any risks; on the other hand, skilled workers who earn more than 4,000 dirhams will have multiple investment options (low risk with less profit, medium risk with medium profit, and high risk with high profit). He added that the skilled workers' money will not be exposed to any risks.