iPhone | iPad
Android
Huawei
This year’s heat wave is expected to break records in terms of both temperature and duration, said experts
KT APPDOWNLOAD
UAE: 2 companies to offer alternative end-of-service benefit schemes
They will also be authorised to sign agreements with employers and accept voluntary subscriptions, in accordance with standards and obligations
Two companies were accredited by the Ministry of Human Resources and Emiratisation and the Securities and Commodities Authority to operate under alternative end-of-service benefits scheme, it was announced on Thursday.
Lunate and Daman Investments are the first accredited companies to launch two savings funds that protect capital and comply with Islamic Sharia. They will also be authorised to sign agreements with employers and accept voluntary subscriptions, in accordance with a strict set of standards and obligations.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The alternative end-of-service scheme was introduced in November last year for employees working in public, private and free zone companies to offer them an alternative system to the existing gratuity payment practice. Employers have the option to choose the scheme.
The Savings Scheme aims to invest financial sums allocated for end-of-service benefits for private sector workers in investment funds, with the aim of growing workers’ savings and allowing them to benefit from return on their end-of-service investments.
Fund managers are required to provide investors with a basic option for investment with capital guaranteed. They must also make available Shariah-compliant investment options; and must manage a minimum of Dh1 billion worth of funds and assets. They should have experience in managing investment funds for at least 3 years; are required to provide employers and beneficiaries with semi-annual account statements.
Companies can register their employees by contacting Lunate through its website or by calling 026927213, or sending an email to eosb@lunate.com. Daman Investments can also be reached through its website or call center (046109666) or email (damaneos@daman.ae).
Mohre said it has created a dedicated page on its website providing details about the authorised savings funds and registration processes.
ALSO READ:
More news from UAE
He added a negative sign to the amount so, instead of being deducted, the money was credited to his account
Motorists had to endure bad road conditions due to poor visibility and strong winds with gusts exceeding 20 knots or 37kmph
From offering free ice cream to banning outside work in peak hours, take a look at the initiatives put into place to give workers relief
The branches will operate from 8.00am to 8.00pm
GDRFA-Dubai urged customers to avoid interacting with anonymous messages or clicking on links from unknown sources
DXB reveals peak periods; busiest day and weekend ahead of the summer vacation
Mount Etna is one of Europe's most active volcanoes and is the tallest active volcano in the region