Expats, who make up 89 per cent of the UAE's population, depend mainly on their gratuity as retirement plan. A first-of-its-kind Golden Pension Plan (GPP) was announced recently for expatriates in the UAE which will help boost their end-of-service funds. Being part of a pension scheme will help them save more and even earn profits on their monthly contributions that begin at Dh100.
Companies have to first sign up for the GPP that is offered by National Bonds. Employees can choose to become a part of the scheme or not. The company cannot dictate to employees the amount that needs to be saved each month either. There is complete flexibility when it comes to the contributions employees want to make. However, the minimum amount required to be part of the Scheme is Dh100.
This would serve as an opportunity to receive competitive profit on every dirham saved and qualify for the Dh35 million rewards programme offered by National Bonds.
