ABU DHABI, UAE: The Vice-President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum on Monday presided over the UAE Cabinet meeting which adopted a new system for employees in the private sector and free zones to invest their end-of-service benefits.
“We adopted an alternative system for end-of-service rewards for workers in the private sector and free zones in the Country,” Sheikh Mohammed wrote on X, the formerly known as Twitter.
The system will be optional for employers to join.
The system will set up a savings and investment fund that will be overseen by the Securities and Commodities Authority in coordination with the Ministry of Human Resources and Emiratisation.
The employees’ end-of-service benefits will be invested with multiple options offered.
Sheikh Mohammed said that the goal is to preserve workers’ savings and to ensure that they are invested safely in order to guarantee their rights and achieve stability for their families.
The system also allows government sector employees to participate in it for the purposes of saving and investment.
ترأست اليوم بقصر الوطن بأبوظبي اجتماعاً لمجلس الوزراء .. أكدنا في بدايته استمرار دولة الإمارات في استراتيجيتها الطموحة لقطاع تكنولوجيا الفضاء .. واستمراريتها في تأهيل وإرسال المزيد من رواد الفضاء لمحطة الفضاء الدولية .. وترحيبها بعودة ابن الإمارات سلطان النيادي أول رائد فضاء عربي… pic.twitter.com/TkFvOwYUZv
— HH Sheikh Mohammed (@HHShkMohd) September 4, 2023