Happy New Year! We hope all our readers enjoyed the holiday season. As we kick off 2025, we at Pensions Monitor have taken a moment to gaze into our crystal ball and see what lies ahead for the End of Service Benefits (EOSB) Savings market. Here are our top five predictions for the year: Prediction […]
This article has been guest-authored by Ruan van Rensburg, consulting actuary and founder of Lux Actuaries and Consultants. 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. Last week’s article commented on the implications of the new scheme for Employees. This article lays out […]
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 […]
With Emiratization targets increasing year-on-year for the private sector, HR professionals and employers are considering various options for hiring UAE nationals. One question that was recently raised is whether retired UAE nationals who re-enter the private sector workforce are eligible for the End-of-Service Benefits (EOSB) Savings scheme. While we know that UAE nationals are required […]
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 […]
The Ministry of Human Resources and Emiratisation (MoHRE) has updated the enrollment process for the EOSB Savings scheme, now requiring companies to directly approach approved fund managers instead of MoHRE. This change, communicated through MoHRE’s call center, modifies the previous requirements outlined in Article 4 of Cabinet Resolution 96. This change in process is expected […]
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, […]
Many companies have been enquiring about the new alternative End-of-Service Benefits (EOSB) Savings scheme that was announced last year. Given that enrolment is entirely optional at present, companies are weighing the pros and cons of transitioning to the new scheme. We discussed in a previous article some key considerations for HR managers when transitioning to […]
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 […]