World Bank Advises Dubai To Offer Expats Pensions

Dubai’s Government is considering plans to offer pensions to Expats following advice from the World Bank.

London, UK (Pryce Warner International) June 23rd, 2011 – After recent suggestions by the World Bank on how to improve employment laws and staff benefits, Dubai’s government is considering offering pensions to Expats.

At present employers in Dubai do not offer pensions for Expats, despite the majority of the work force coming from overseas. The move is hoped to encourage more people to come to Dubai for work as well as ensure that those that are already present are willing to stay for longer periods of time.

One proposal under consideration is that of converting the end-of-service gratuity system into a pension system.

The World Bank has recently been providing technical assistance in the area of employment policy, part of which has included benefits for Expats and other potential changes to the pension system.

David Harra, a Senior Market & Investment Analyst with Pryce Warner International Group, an Financial Services Company for Expats Worldwide commented: “With over 80% of the workforce in Dubai being made up of Expats, it is great news that some form pension scheme will now be available to them. Previously Expats have not been able to contribute towards any local form of pension and starting an overseas based pension can sometimes be problematic. Hopefully these new laws will ensure that Expats throughout Dubai will be able to claim secure pensions as well as adjust laws allowing them to contribute towards overseas pensions. At present the regulations are can be excessively strict and cause problems for those wishing to retire in the UAE.”

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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