Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of its Executive Council, has announced the launch of a new end-of-service savings fund for foreign employees. Photo: Wam
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of its Executive Council, has announced the launch of a new end-of-service savings fund for foreign employees. Photo: Wam
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of its Executive Council, has announced the launch of a new end-of-service savings fund for foreign employees. Photo: Wam
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of its Executive Council, has announced the launch of a new end-of-service savings fund for foreign employees. Photo: Wam

Sheikh Hamdan announces new end-of-service savings fund for foreign employees


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Non-Emirati employees working in Dubai’s government and public sector can join a new savings pension plan, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said on Wednesday.

The system will be in addition to the existing gratuity scheme, under which staff receive a lump sum when they leave their job.

It could be expanded to the private sector on a voluntary basis only, a statement on Sheikh Hamdan’s website said.

The project will be introduced in phases.

A variety of investment plans will be offered, some of which will be Sharia-compliant. Capital protection will be ensured for employees who do not wish to invest.

Sheikh Hamdan said the fund would make Dubai more attractive to people from around the world.

“We are keen to provide all workers in the government sector with everything that guarantees them and their families a decent life,” he said.

“We implement everything that suits Dubai’s aspirations for its government employees in terms of privileges and guarantees that guarantee them their rights and contribute to its development.”

The board of trustees will supervise the fund with the help of Dubai International Financial Centre and in partnership with international institutions that provide attractive and safe investment opportunities.

A committee will be formed to supervise the project.

DIFC was the first body in the UAE to overhaul the gratuity system – a defined, end-of-service benefit to which all resident employees are entitled after completing at least one year of service. It introduced the Dews plan in February 2020.

Employers in the free zone are required to contribute an amount equal to 5.83 per cent or 8.33 per cent of an employee’s wage, depending on their length of service, monthly to a fund administered by a trust. Employees can opt to make additional voluntary contributions to the plan.

Last year, AXA Green Crescent Insurance Company introduced a workplace savings plan to help UAE employees save for retirement. The Employee Secure Saver plan is a savings vehicle similar to those available globally, the insurer said in April.

End-of-service gratuities are payments legally due to employees upon leaving their roles, subject to satisfying certain conditions set out in the UAE Labour Law.

The sum depends on the employee’s length of service and their most recent wage, typically a basic salary.

Employers are obliged to pay these sums to their eligible employees upon, or soon after, their departure. The law indicates that the gratuity would be based on the normal wage most recently due to the employee.

The law states that, for the purpose of calculating the benefit, any money paid to the employee in kind is excluded. This means that money paid in lieu of flights, housing or education, for instance, would not be included.

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UAE salary guide 2022: how much should you be earning?

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End of service gratuity advice from The National's Keren Bobker

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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Company name: NutriCal

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Based: Dubai

Industry: Food Technology

Initial investment: Self-funded undisclosed amount

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The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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Us

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PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

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The Breadwinner

Director: Nora Twomey

Starring: Saara Chaudry,  Soma Chhaya,  Laara Sadiq 

Three stars

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Company%20profile
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Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

ESSENTIALS

The flights 
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. 
Where to stay 
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.

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Baby Driver

Director: Edgar Wright

Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James

Three and a half stars

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It's up to you to go green

Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.

“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”

When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.

He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.

“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.

One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.  

The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.

Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.

But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”

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Updated: March 04, 2022, 1:09 PM