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UAE launches 'Golden Pension' scheme for retired expats

A new 'Golden Pension Scheme' announced on Tuesday will assist UAE residents in preparing for retirement. National Bonds, a Sharia-compliant savings and investment firm, stated that the scheme is aimed at 89% of the UAE's expat population. Employees can contribute as little as Dh100 per month and earn a profit on the money they save under the scheme. This is in addition to the gratuity offered by their organization. It was created in response to "increasing demand" from both employers and employees. "The one-of-a-kind initiative aims to assist corporates registered with National Bonds in supporting the financial goals of their employees." The attractive competitive returns being offered under this program will help employees of registered corporates strengthen their financial resilience, according to National Bonds' statement. The scheme aims to assist organizations in their efforts to retain employees while also helping them in planning for end-of-service financials. Using the National Bonds app, employees can check their pension portfolio and view their savings in real-time. They can also participate in the Dh35 million rewards program. National Bonds Group CEO Mohammed Qasim Al Ali said: "Retirement planning is essential to ensure people stay financially stable and independent. Today, the UAE is home to over 8 million expats. With this first-of-its-kind initiative designed especially for the private sector, we want to enable expats to invest in their future while supporting corporates with their employee retention strategy. "In line with the vision of the leadership to make the UAE the preferred country of employment, the scheme enables companies to invest in their employees' end-of-service funds so they can benefit from additional returns on their gratuity. Not many companies do this as accumulated funds are not being invested, which ultimately deprives the employees of these benefits." BKM/ Expat Media
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