The Dubai International Financial Centre’s workplace savings programme has signed up 19,182 employees from 1,187 companies since it was launched a year ago.
The DIFC Employee Workplace Savings plan built up more than $127 million worth of assets under management as of February 1, 2021, the free zone said on Tuesday.
Launched in February last year for employees based in the DIFC, the Dews plan restructured the gratuity benefit system and requires employers in the free zone to make monthly contributions to a managed investment programme.
A substantial number of employees also chose to make additional voluntary contributions to the Dews plan.
The free zone is the first body in the UAE to overhaul the gratuity system – a defined end-of-service benefit that all expatriate employees are entitled to after completing at least one year of service.
“DIFC is proud to have created the region’s first employee savings scheme and delighted with the high levels of uptake by our clients and workforce,” said Arif Amiri, chief executive of DIFC Authority.
The Dews programme ensures the liability moves from an unfunded to a funded benefit, which is taken off a company’s balance sheet and placed in a trust-based structure.
Equiom is the master trustee of the Dews programme while Zurich Workplace Solutions is the plan administrator and global consultancy Mercer is the investment adviser.
Dews requires employers 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, on a monthly basis to a fund administered by a trust.
“The Dews scheme has successfully turned an unfunded liability into a recognisable and secure benefit,” said Reena Vivek, senior executive officer at Zurich Workplace Solutions.
“The growing number of employees making voluntary contributions into the plan is a sign of the positive impact Dews has had in encouraging regular savings.”
Employees can choose from five risk-profiled funds: low, low to moderate, moderate, moderate to high and high. There is also a Sharia-compliant option available.
At the end of January, 75 per cent of the plan’s assets were invested in the low-to-moderate growth fund while about a fifth of assets were split across other funds.
“Dews aims to address a key issue with the end-of-service benefit system in the Middle East where employers are not obliged to fund their end-of-service liability externally,” said Chris Cain, Middle East client services director at Equiom.
“Most companies, therefore, tend to make end-of-service payments from their cash flow, meaning that employees are not protected against employer insolvency.
“Dews has addressed this issue and as part of the scheme, once funds are paid on behalf of employees, the sum is ring-fenced and is no longer a liability of the employer, making it safer for employees,” he said.
About 75 per cent of companies in the UAE do not set aside specific assets for end-of-service benefits, according to a 2019 survey by Zurich.
About 80 per cent of those polled, which included chief financial officers and finance managers, said a mandatory funding requirement would be a good decision.
COMPANY PROFILE
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
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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.
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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
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Results
Men's finals
45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.
51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. 54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.
57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.
63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.
71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg: Youssef Abboud (LBN) w/o Ayoob Saki (IRI).
81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.
91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.
Women's finals
45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.
51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.
57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.
63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
