Most (84 per cent) employees in the UAE and Saudi Arabia said they would willingly change jobs for a new role with the same pay but better benefits, a survey by Swiss insurer Zurich International Life has found.
About one in four employees in the Emirates and Saudi Arabia switched jobs in the past year, drawn by better remuneration, enhanced employee benefits and professional advancement opportunities, according to the survey, which polled 2,507 respondents in July and August.
In Saudi Arabia, 78 per cent of employees are considering changing jobs in the next 12 months to 18 months, with a similar sentiment shared by 74 per cent of their UAE counterparts, the survey found.
Women and younger employees in the 25-34 age group are particularly proactive in exploring new career opportunities, the findings showed.
“Employee benefits have taken centrestage and are rapidly evolving, pushing employers to adopt a holistic approach to talent retention,” said Adam Watterson, senior executive officer at Zurich Workplace Solutions.
“One of the trending areas is workplace savings and pensions for expatriates concerned about their retirement planning.
“End-of-service benefits will play a pivotal role in drawing talent from international markets and fostering financial stability.
“The global pandemic drove both employers and employees to rethink priorities, and employers have become more accommodative to include mutually beneficial retention policies.”
The Covid-19 pandemic placed employee financial issues in the spotlight and many companies in the UAE are now coming up with plans to help workers bridge their retirement savings gap.
Retirement savings are the biggest financial challenge faced by employees in the GCC countries, according to a survey by global advisory company Willis Towers Watson in January.
However, a survey by Sharia-compliant savings and investment company National Bonds in July found that 82 per cent of employees in the UAE are open to employers investing their end-of-service benefits.
In September, the UAE introduced an optional savings retirement plan that allows employees in private and free zone sectors to invest their end-of-service benefits to build long-term wealth.
The initiative will involve the formation of savings and investment funds overseen by the Securities and Commodities Authority, in collaboration with the Ministry of Human Resources and Emiratisation.
The plan is optional for employers to join and offers three investment options, depending on an employee’s level of investment risk.
The UAE has undertaken several economic, legal and social reforms to attract skilled workers, including the introduction of a mandatory unemployment insurance plan that will pay Emiratis and residents a cash sum for three months if they lose their job.
Dubai’s savings retirement plan for foreign employees working in the emirate’s government and public sector also came into effect in July last year.
The pension fund offers the government’s foreign workers a choice of investment plans, including Sharia-compliant options, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said at the time.
The DIFC was the first entity in the UAE to set up a new gratuity system when it introduced the DIFC Employee Workplace Savings plan, or Dews, in February 2020.
The free zone’s employers are required to make monthly contributions of 5.83 per cent or 8.33 per cent of an employee’s wage, depending on their length of service, to a fund administered by Zurich International Life Middle East.
Employees can also choose to make voluntary contributions to the Dews plan.
Meanwhile, the Zurich International Life survey found that flexibility within the workplace emerged as a key factor in attracting and retaining talent, from both an employer and employee perspective.
Other critical factors relate to the importance of having a diverse workforce and addressing pay gaps in the market, the survey revealed.
Employee benefits remain central to establishing long-term relationships between employers and employees, with nearly nine in 10 employees polled considering employee benefits as an extremely important pillar, often surpassing the importance of salary, the findings showed.
The most preferred employee benefits among workers in the UAE and Saudi Arabia are those concerning workplace savings, financial well-being and education, life insurance, child education allowances and critical illness cover, according to the poll.
The survey also found that both the UAE and Saudi Arabia are grappling with a talent shortage, standing at about 24 per cent and 30 per cent, respectively.
This shortage is most pronounced in the operations and logistics sectors in both countries, the findings revealed.
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
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Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More from Neighbourhood Watch:
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
COMPANY%20PROFILE
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY%20PROFILE
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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