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Companies can easily register employees in Voluntary End-of-Service Benefits Scheme

Companies can easily register employees in Voluntary End-of-Service Benefits Scheme
8 July 2024 08:22

SAMI ABDUL RAOUF (DUBAI)

To bolster financial security for private sector workers, companies can now easily register and subscribe to the Voluntary Alternative End-of-Service Benefits Scheme (Savings Scheme). This initiative, authorised by the Ministry of Human Resources and Emiratisation (MoHRE) and the Securities and Commodities Authority (SCA), allows employers to invest allocated end-of-service benefit funds in accredited investment vehicles.

The Savings Scheme aims to grow workers’ savings and allowing them to benefit from return on their end-of-service investments, which, in turn, strengthens employers’ and employees’ economic impact and supports the UAE’s economic ecosystem.

Companies interested in participating can apply by contacting Lunate or Daman Investments. Lunate can be reached via its website, phone (026927213), or email (eosb@lunate.com). Daman Investments provides registration options through its website (www.daman.ae), call centre (046109666), or email (damaneos@daman.ae). MoHRE has also created a dedicated page for the scheme on its website, featuring details about all savings funds and registration procedures.
After due diligence checks, companies receive approval for registration, after which they gain access to an investment platform where they can manage and enter details of participating employees.

Companies must ensure they provide contributions by the specified monthly deadline to maintain programme integrity. Delays in payment may result in penalties and fines, and unpaid contributions will be referred to the MoHRE for further action.

At the end of employment, workers receive their financial entitlements, which appreciate over time.

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