The scheme will see the evolution of end-of-service benefits within the financial hub from a defined benefit structure to a funded and professionally managed defined contribution plan.
Tuesday 06, August 2019 BY KUDAKWASHE MUZORIWA
Dubai International Financial Centre (DIFC) has launched DIFC Employee Workplace Savings (DEWS) and the new plan is set to launch from January 2020.
Arif Amiri, the Chief Executive Officer of DIFC Authority, said, “The new DEWS scheme will reinforce our position as a jurisdiction that attracts and retains the very best professional talent from across the globe in accordance with best practice, including employee benefits.”
The scheme will offer a low-cost investment platform for receiving and managing mandatory employer end-of-service contributions on behalf of their employees as well as any added voluntary savings by employees such as cash or cash equivalent options for those members that do not want to take investment risk with their contributions.
The DIFC appointed Equiom—a global trust services provider—as master trustee of the DEWS plan, while Zurich Middle East has been appointed the scheme administrator.
Zurich will be assisted in its duties by Mercer, as an investment adviser, and Smart Pension as a technology services provider.