Mohammed bin Rashid announces the adoption of an alternative system for end-of-service rewards in the UAE
His Highness Sheikh Mohammed bin Rashid announced the adoption of an alternative system for end-of-service benefits in the Emirates for workers in the private sector.
Mohammed bin Rashid has made the announcement that the Emirates will be switching to a different method of awarding end-of-service bonuses, Mohammed bin Rashid: We have implemented a different approach for end-of-service incentives for employees working in the country's private sector and free zones, To the Most Noble Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced today during the Cabinet session that he approved an alternative system for end-of-service bonuses for workers in the private sector and regions. The announcement was made through his Highness' account on the social networking site "X," which was formerly known as "Twitter." Cost-free throughout the state.
Joining the alternative system for end-of-service benefits in the UAE in the private sector
Participating in an alternative program in the United Arab Emirates for the provision of end-of-service benefits in the private sector, Participation in the system will be voluntary for employers, and it will include the establishment of savings and investment funds from the private sector. These funds will be supervised by the Securities and Commodities Authority in coordination with the Ministry of Human Resources and Emiratisation. These funds will be the conduits through which workers' and employees' end-of-service rewards will be saved and invested according to a variety of investment options.
Reasons for launching the alternative end-of-service reward system in the Emirates
Motives behind the introduction of an alternative method of end-of-service compensation in the Emirates, The purpose is to protect the savings of workers, which reflect the end of their services in operational enterprises, and to ensure that these assets are invested in a secure manner in order to guarantee the workers' rights and create financial security for their families... Employees in the public sector are also able to participate in the system for the aim of accumulating savings and making investments.
The new rewards system in the Emirates
The newly implemented points and rewards program in the Emirates
, His Majesty continued, "Today, during the Cabinet session, we also approved a new system for rewards and incentives in the federal government." His Majesty was referring to the fact that the session took place today. The financial and non-financial prizes and incentives are broken down into three categories: "for the employee's outstanding annual performance; for exceptional achievements at the entity level; and for the national achievements that the employee may achieve for the state." The goal is to guarantee that reward systems are flexible in order to boost the spirit of competition and performance among our cadres in the federal government.