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UAE: FAB's end-of-service benefits fund for private sector granted initial approval

The scheme is being launched under a UAE Cabinet Resolution which introduced an alternative voluntary savings scheme for private sector employers and employees

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Image used for illustrative purpose. Photo: File

By WAM

Published: Wed 13 Nov 2024, 5:23 PM

First Abu Dhabi Bank (FAB) has received initial approval to make FAB End of Service Benefits Funds available to UAE-based companies, giving employees the opportunity to grow their end of service benefits through the new government Alternative EOSB Savings Scheme (Savings Scheme).

Participating employers pay monthly basic and voluntary contributions on behalf of their employees into FAB End of Service Benefits Funds, which are tailored to individual needs, values and risk appetites.

Supporting the UAE government's ambition to foster a more competitive labour market, the Savings Scheme is part of a Ministry of Human Resources and Emiratisation (MOHRE) initiative and has been approved by the Securities and Commodities Authority (SCA).

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The scheme is being launched under UAE Cabinet Resolution No. (96) of 2023 and Ministerial Resolution No.668 of 2023, which introduced an alternative voluntary savings scheme for private sector employers and employees in the UAE, including those incorporated within free zones.

FAB Asset Management has been selected as a strategic partner by the MOHRE and the SCA to deliver the government's new Savings Scheme.

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WAM

Published: Wed 13 Nov 2024, 5:23 PM

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