The UAE's advantages as a place to live and work are well known, and there is much to be said about its diverse international work force and office culture.
Many who come to the country arrive with an employment contract to work in the private or public sector or in the free zones. Now, UAE residents – primarily employees of the private sector and free zones – can look forward to end of service benefits in the form of accumulated savings as and when they reach the end of their service with a company. The new end-of-service savings scheme was laid out by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, at the regular UAE Cabinet meeting in Abu Dhabi. The idea behind the new investments scheme is to foster a culture of savings, protect employees and create financial stability for families.
Many companies in the UAE already provide gratuities or lump sums – with varying terms, depending on their contracts. But in general, after working for at least a year at a company, employees receive a gratuity of 14 days of basic pay for each year in the job. This sum increases to 30 days (of basic pay per year) after completing five years at the same company.
Companies that participate will be required to pay a monthly contribution under the scheme. When employees leave the company, they will receive savings and investment returns accrued during their tenure. This is especially important as even though many among us keep an eye on the future – either investing in mutual funds or stocks, setting aside funds for children's college, retirement and so on. Financial literacy is by no means everyone's forte, and not everyone is inclined to save or proficient at systematic savings. Many are unfamiliar with the nuances of calculating gratuities or planning for their futures keeping savings in mind.
A survey in 2021 of more than 1200 people showed 40 per cent of UAE respondents outside the Dubai International Finance Centre didn't know about gratuities or how their salaries could work for them. Considering realities of financial unawareness, having employers put away on employees' behalf an amount that will grow and yield a tidy sum years down the line could be an attractive proposition for many, who have options in signing up for companies' schemes.
There is also the factor of trust that enters the picture in UAE federal plans that are deemed more secure with good reason, as opposed to perhaps riskier investments that may or may not yield the returns that one had hoped for. Nor is this the first progressive step the country has taken looking out for its many millions of overseas workers. In March last year, Dubai laid out an inclusive new savings pension plan for non-Emirati employees working in Dubai’s government and public sector.
End of service benefits are frequently the norm in several countries, not just in the West, to ensure financial security for employees. They're in keeping with industry best practices and prove immensely valuable in the many cases when they help people tide over lean periods between jobs. Financial experts told The National that this measure "would bring the Emirates in line with employment packages offered in countries such as the UK, the US, and Australia".
Even as more details of the new end-of-service programme, including the timeline, come to light, the country's broad approach and plans are clear: they're centred on taking care of the work force and in doing so, making the country more attractive to future potential employees. Other government steps to the same end, including providing visas for remote work, make the UAE more inviting to overseas talent. Strengthening the legal framework around employee benefits at a federal level could encourage people not just to relocate to the UAE, but to build their lives here, provide for families, and watch them grow, as the country itself does.
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
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UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Read more about the coronavirus
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
KILLING OF QASSEM SULEIMANI
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
A list of the animal rescue organisations in the UAE
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
