Since the introduction of Cabinet Resolution 96 a year ago, there is much debate within the industry on when exactly this new scheme will become compulsory. This change will be significant for the UAE, as it will affect every single company and every single employee – and let’s remind ourselves that there are over 788,000 […]
The Securities and Commodities Authority (SCA) has approved the first three End-of-Service Benefits (EOSB) Savings funds as per the listing on its website sited on 10 October 2024. This approval marks a pivotal step in the implementation of the EOSB Savings scheme in the United Arab Emirates as per Cabinet Resolution 96/2023 that makes three […]
Following the publication of our previous article on the Financial Performance FY 2023 of Smart Pension Limited (“Smart Pension” or “Company”), Pensions Monitor was contacted by the Company who asked us to provide the readership with additional information on its current performance: The (unaudited) results for H1 2024 have improved significantly: EBITDA (that is: Earnings […]
National Bonds Corporation Sole Proprietorship PSC (“National Bonds” or “Company”) has officially been recognized as a provider for the new End-of-Service Benefits (EOSB) Savings Scheme, according to information cited on the Ministry of Human Resources and Emiratisation (MoHRE) website on 2 October 2024. This disclosure follows the earlier approvals of Daman Investments and Lunate in […]
In our previous articles we featured some startups that have appeared on the scene, including FinFlx, Aurem and Equevu. All of them offer some sort of investment product, linked to End-of-Service Benefits that is managed through an ‘in-house’ technology solution. Now it turns out that one more new provider has emerged – namely “Benefitster” (full […]
It is now nearing a year since the introduction of the new alternative End-of-Service Savings (EoSS) scheme by MOHRE and SCA. So far, there are only two approved providers for the scheme and even so, as of date (August 2024), there are no active products in the market. Reason: The two approved providers are pure […]
“Guaranteed return of 4-5% on a free-of-cost savings account in the UAE where you do not have to maintain any minimum balance and the full amount can be withdrawn at any time with no hidden charges whatsoever.” Sounds too good to be true and interestingly, it’s not provided by a bank. This flexible savings account […]
Uber and AirBnB are just two examples of venture capital-backed technology companies that have successfully disrupted an existing industry. With these success stories in mind, venture capitalists have looked in every field, and in every geography, to identify yet another industry that is ripe for disruption. The result – a huge tidal wave of money, […]
This article is authored by Ruan van Rensburg, Executive Director at Lux Actuaries and Consultants and was first published by the DIFC Insurance Association on 9 July 2024 and updated on 11 July 2024. Members in the DIFC will be well acquainted with DEWS – a defined contribution saving scheme that replaced the old unfunded […]
Hot on the heels of Daman Investments, it has been revealed that Hayah Insurance has received approval by the Securities & Commodities Authority (SCA) for its End of Service Saving (EoSS) product. We are still awaiting details for Hayah’s offering, but let us briefly summarise a few key points: Firstly, it has to be noted […]