Middle East

DIFC announces new DIFC Employee Workplace Savings Plan

The Dubai International Financial Centre has announced that the new DIFC Employee Workplace Savings Plan (DEWS), a progressive end-of-service benefits scheme, will come into effect in February 2020.

The new Workplace Savings Scheme allows employees working in the DIFC to plan and secure their financial future with ease, according to a press release by the DIFC, as well as supporting over 2,300 DIFC-based companies' ability to attract and retain the most qualified professionals in the region.

The new scheme reflects DIFC’s standing as a world-leading business hub with values of ease, transparency and international best practice that will drive the future of finance by attracting the most talented workforce and enhancing its business environment.

In line with the vision of Dubai leadership, the DIFC is committed to giving our 24,000 professionals the ability to make measured choices in relation to their finances that will lead to greater protection and returns at the end of their service or retirement.

Global professional services provider, Equiom, will act as master trustee of DEWS and the independent legal owner of contributions made by employers, while ensuring the beneficial interest lies with employees, according to a press release.

Meanwhile, Zurich Middle East and its DIFC-entity Zurich Workplace Solutions will provide full support to employers and employees through the administration and management of DEWS. Investment services provider, Mercer, will bring an independent, tried and tested investment process to the master trustee of DEWS.

More information on the plan can be found HERE.