Pocketful of Dirhams: Is the UAE's end-of-service gratuity set to change?
As the DIFC rolls out its new workplace savings scheme, personal finance editor Alice Haine finds out how the benefit is evolving
For expatriate employees in the UAE, receiving a gratuity when you leave a job is a standard part of working life. The end-of-service benefit is paid out as long as you complete at least one full year of service, with the amount decided by how long you are employed by an organisation and your final basic salary at the time of leaving.
So how do you calculate your end-of-service gratuity? And with the Dubai International Financial Centre implementing its new workplace savings plan, the DIFC Employee Workplace Savings Plan known as Dews, on February 1, is the UAE also considering a change to the gratuity system for the whole country?
Host Alice Haine, the personal finance editor of The National, is joined by Rory Reynolds, The National’s news editor, and Martin McGuigan, a partner at Aon Retirement Solutions, who offers insight into the changes at DIFC and the future of the end-of-service payment.
She is also joined later in the show by UAE resident Fred Wobus, who works in marine and weather forecasting, who used his gratuity payment to start an investment portfolio for his children.
Take a look at last week's episode for tips on how to get a payrise
Updated: January 29, 2020 11:57 AM