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New funds urged for managing retirement benefits

DUBAI, February 27, 2019

Global technology advancements and the increased retirement age and years of service, call for an urgent need in the region to establish investment funds in the region to manage retirement and end-of-service benefits, a top official said.

Such funds will provide a saving opportunity to all the employees in the UAE and the region labour markets, Dr Abdulrahman Abdul Mannan Al Awar, director general of the Federal Authority for Government Human Resources (FAHR) was quoted as saying by Emirates news agency Wam.

As it will lift investment in our domestic economies, while considering market stability and the low risks associated with such investment opportunities in the UAE, he said, while addressing the Workers Incentives and End of Service Benefits (WIEOSB) conference which was held in Dubai yesterday under the patronage of FAHR.

He added that these funds will help employees plan properly by taking advantage of end of service benefits, enabling them to make use of their financial resources, and creating jobs for new generations.

FAHR director-general explained that creating saving schemes and funds in all sectors is an important strategic step and a new experience of its kind across the region. There are successful global practices in this field, as well as in the UAE with the leading organisations such as Emirates airlines.

"Such projects will have a significant impact on the socio-economic levels, according to latest actuarial studies, recently done in the UAE," he added.

He praised the first conference of its kind in the UAE that opens the discussion and dialogue about a major issue that concerns millions of employees of the UAE and the region both in governments and private sector.

He also pointed out that the dialogues that took place at the conference came in line with the UAE’s leadership directions that focus on creating jobs for future generations, protecting a healthy employee-employer relationship in the UAE and ensuring that their benefits are protected.

Organised by Mondial LLC, a leading financial advisory firm in UAE on the subject of "severance pay" strategies, the one-day conference addressed problems currently experienced with the End of Service Benefits.




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