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Do companies need independent advice on End-of-Service Savings products in UAE?
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 […]
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The new End-of-Service Savings scheme to become compulsory in 2025? Key considerations for HRs
There is a growing buzz around the new End-of-Service Savings (EoSS) scheme, which was introduced last November by the Ministry of Human Resources and Emiratisation (MoHRE) and the Securities and Commodities Authority (SCA). To recap: The current “End-of-Service Gratuity Benefit” system is being revamped. Instead of a lumpsum cash payment at the end of employment, […]
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FinFlx Product Review Q3 2024
“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savings account in the UAE where you do not have to maintain any minimum balance and the full amount can be withdrawn at any time with no hidden charges whatsoever.”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 […]
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Are ‘guaranteed funds’ really guaranteed?
One key feature of the new End-of-Service Savings scheme (aka, Cabinet Resolution 96) is that each provider must offer a “capital guarantee” option. Everyone likes a no-risk investment opportunity of course – but let’s examine a bit more closely what these funds are, how they work, the alternatives and their drawbacks. Government debt-based funds The […]
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Second battering for the life insurance market in the UAE?
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 […]
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New startups FinFlx, Aurem, Equevu: Who are they and what do they do?
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, […]
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DEWS Performance Review FY 2023
Back in 2020, Dubai International Financial Centre (DIFC) had introduced the DIFC Employee Workplace Saving plan or, DEWS in short. The scheme has since replaced the old End-of-Service Benefit (EOSB) system in the DIFC. Now, the plan has been running for more than four years, and it’s time to take stock. Below are the key […]
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You can now invest your End-of-Service Benefits: What are your options?
Since the UAE’s new alternative End-of-Service Savings scheme was announced last year, many fund managers, banks and insurers have been racing to structure and launch a compliant product offering. The question was: Who would be the first to market? This was recently confirmed. Congratulations to Daman Investments PSC (Daman Investments) and Lunate Capital LLC (Lunate) for becoming the first two accredited fund […]
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How can insurers enter UAE’s new End-of-Service Saving scheme market?
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 […]
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DIFC’s DEWS vs. MoHRE’s End-of-Service Saving Scheme: Who got it right?
Back in 2020, Dubai International Financial Centre (DIFC) introduced the DIFC Employee Workplace Saving scheme, better known as DEWS. DEWS essentially restructured the old ‘defined benefit’ (DB) End-of-Service gratuity plan in the DIFC into a funded ‘defined contribution’ (DC) plan. In short, employers pay a percentage of employee wages as monthly contributions and each employee […]