UAE Pension Reform
New reforms of the pension scheme in the United Arab Emirates (UAE) could benefit Expats
London, UK (Pryce Warner International) February 9th, 2012 – At present in Gulf States pension schemes only offer limited provisions and do not protect individuals against the risk of bankruptcy.
New talks between the World Bank and the UAE however are attempting to devise a pension system that would help protect Expats.
The UAE is considering introducing a mandatory defined contribution system that would help structure the nation’s pension industry. The scheme under discussion would not include the usual transition costs associated with changing from social security pensions to a funded one, such as a similar scheme launched in Hong Kong.
Like most defined contribution schemes, this one would see the employer and the employee jointly contribute over a given period, after which point the employer is no longer liable for any risks.
The UAE is attempting to introduce these schemes as a way of incentivising Expats to migrate and remain in the UAE for longer periods of time. It is also hoped that this will stimulate the national capital market by encouraging individuals to invest in long-term savings products, thereby also attracting high-level financial services firms.
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By Aneil Fatania
Financial Editor
Pryce Warner International Group
For any corrections of factual information contained within our news items please contact our editor.
Email: af@prycewarner.com
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