Eighty-five per cent of eligible organistions in Dubai International Financial Centre have signed up for the free zone’s new Employee Workplace Savings (Dews) plan.
This represents 1,100 DIFC-based companies, which enrolled before the revised deadline of April 30, according to Zurich Workplace Solutions, the administrator of the plan. Of the 1,100 businesses, 750 have made gratuity payments for their employees into the scheme, with the remainder due to complete the requirements soon. The total number of employees now signed up to the plan comes to 16,000.
“We have been coordinating closely with the DIFC and the Trustees (Equiom), to help smaller companies who have made significant efforts to comply but have been unable to enrol in time due to factors outside their control. A number of these organisations will complete the remaining formalities in the next few days,” says Reena Vivek, senior executive officer of ZWS.
The Dews plan, which replaces the end-of-service gratuity with a defined contribution investment scheme, came into effect on February 1. In March, DIFC extended the deadline to enrol and initial contribution dates to help companies cope with the effects of Covid-19. While employers were initially given until March 31 to register for Dews or an alternative qualifying scheme, and until April 21 to make their first contribution payments to cover the February and March payroll, those dates were then extended until April 30.
ZWS said it has responded to over 2,500 calls and live chats and more than 4,000 emails over the past week as companies attempted to hit the new deadline.
Even with the extension, ZWS said there was "a significant last-minute rush" for enrolment with over 200 companies signing up in the final week of April, and about 350 companies missing the contribution deadline.
Under the DIFC Employment Law, eligible employers that fail to comply with the deadline could be hit with a $2,000 penalty “per employee per breach”.
ZWS said it is working with some companies who started the process ahead of time and should have this completed in the next few days.
“We will be reporting the status of enrolments to the DIFC Authority and they will be making the decision based on any exemptions (already granted or underway) on whether any fines would be imposed,” the company added.
ZWS said it will now focus on supporting employers making contributions and help them set up systems for employees who want to make voluntary contributions or transfer their accrued gratuity into the Dews plan.
“Under a recent directive issued by the DIFC, employees have the benefit of end-of-service gratuity payment protection if salaries are reduced after March 1 2020 and if they choose to transfer any accrued gratuity into the Dews plan," it added.
The scheme requires employers to contribute an amount equal to 5.83 per cent or 8.33 per cent of an employee’s wage, depending on length of service, on a monthly basis to a trust-administered fund. While Equiom serves as the master trustee for the Dews plan, global consultancy Mercer is the investment adviser.
To date, no qualifying alternative scheme has been approved.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
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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.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
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Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
Killing of Qassem Suleimani
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if you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com
KILLING OF QASSEM SULEIMANI
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
