This article has been guest-authored by Ruan van Rensburg, consulting actuary and founder of Lux Actuaries. The UAE’s introduction of the voluntary End-of-Service Benefits (EOSB) Savings scheme presents companies with crucial decisions regarding their end-of-service benefits. This article has been drafted as the first of a series that touches on the key issues that need […]
Dear Ministerial Cabinet Resolution 96, Sorry, we’re a month late for your first birthday which was on 24 October 2024 but we’re here to wish you a very happy belated birthday! May your journey continue with success, growth, and greater achievements in the years ahead. We are taking this opportunity to reflect on your first […]
As the spooky season is upon us, we at Pensions Monitor thought we’d embrace the theme and ask ourselves the question: What are the nightmare scenarios for HR managers regarding the new End-of-Service Benefits Savings scheme? And so, we have outlined a number of “spooky nightmare” scenarios that may keep HR managers awake at night. […]
Mercer, the global consulting firm specializing in employee benefits and investment solutions, recently released the 16th edition of the Global Pensions Index Report 2024 (the ‘Report’) in collaboration with the CFA Institute. The Report highlights that many countries are facing challenges related to aging populations, characterized by increasing life expectancies and declining fertility rates leading […]
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 new alternative End-of-Service Benefits (EOSB) savings scheme is a significant shift from the current system of simply accumulating the EOSB liability until employees separate from the company – by way of resignation, termination, or death. Apart from the accumulated EOSB provision, the cost to the company will now be a known percentage of payroll, […]
In recent weeks, Pensions Monitor has been engaging with companies to assess their understanding and readiness for the new End-of-Service Savings scheme. While most companies are aware of the scheme, many feel that there is little urgency as the scheme is still optional. Moreover, there are no investment options available yet. However, this voluntary phase […]
The new End-of-Service Savings (EoSS) scheme or the corporate pensions industry in the UAE as we like to call it, is slowly taking shape. As announced previously, the first providers have received their licenses from SCA (Securities and Commodities Authority) and MoHRE (Ministry of Human Resources and Emiratisation). Daman Investments, Lunate, and Hayah Insurance are certain […]
People buy life insurance mainly for two reasons: Protection in the case of death or disability (obviously) and for investment purposes. Hence the life insurance industry has designed products (policies) in response to these needs. Some policies provide protection only (e.g., term insurance) and at the other end of the spectrum there are pure investment […]
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 […]