Dubai International Financial Center (DIFC) implements employee savings fund system at the workplace

Union

Dubai International Financial Center

Dubai (Al Ittihad)

The Dubai International Financial Center (DIFC) announced the launch of its employee savings fund system, aligned with global trends in employee benefits, to develop end-of-service benefits within the center. , from a reward-based structure to professionally funded funding. Contributions.
The new plan, which is expected to be fully implemented by January 2020, provides a low-cost investment platform to receive and manage the required end-of-service contributions to Center employees on behalf of staff, as well as that any additional voluntary savings made by employees, including cash or equivalent options for shareholders who do not want to bear. Risk of investment through their contributions.
The financial center has also announced the main service providers that will contribute to the implementation of the new plan, after thorough research and a rigorous selection process. The international credit company ECWYM has been chosen as the main custodian and supervisor of the plan, the Middle East Zurich Insurance Middle East company will take over the management of the scheme with the support of Mercer as an investment consultant and SmartPench in as a technology service provider.
Arif Amiri, President and CEO of DIFC Authority, said: "This plan is part of our efforts to enhance the portfolio of DIFC's offerings and services, reinforcing its leadership role. in building a promising future for the finance and financial services sector.
Our innovative initiatives, in particular the Employee Savings Fund, reinforce the Center's status as a destination attracting the best talent from the world of financial services, in line with best practices, including employee benefits.