The voluntary "savings scheme" is an alternative end-of-service rewards program that offers extra benefits, and employers in the United Arab Emirates have been encouraged to sign up for it.
The UAE's private sector companies were encouraged to join the savings plan by the Ministry of Human Resources and Emiratization in order to improve employee well-being, draw in talent, and improve their company's standing in the nation's fiercely competitive labor market.
Employers can use the program to position their companies as exceptional workplaces that put their workers' financial well-being and future stability first, which encourages employee loyalty and draws in fresh talent. By giving employees the opportunity to increase their financial assets and earn returns on their savings through safe and dependable investment choices, the program increases employee productivity.
To become a member of the "savings scheme," private enterprises can register through the Ministry's service channels, choose one of the approved investment funds, and pay the membership costs for the employees they want to sign up.
