The ruler of Dubai announced an end-of-service benefits system for employees in the private sector and free zones

The end-of-service incentives programme for workers in the private sector and free zones was announced on Monday by Sheikh Mohammed bin Rashid, Dubai's Prime Minister, and Ruler. The creation of private savings and investment funds will be part of the voluntary initiative, according to Sheikh Mohammed, who presided over a meeting of the UAE Cabinet. These funds will be regulated by the Securities and Commodities Authority in collaboration with the Ministry of Human Resources and Emiratization. According to him, the program's goal is to safeguard employee funds and make sure they are prudently invested.

Employees of the public sector, according to Sheikh Mohammed, would be allowed to take part in the end-of-service system for the aim of investing and saving money. There was no timeframe made public, as of Monday.

The UAE Government Media Office later revealed that the plan includes three different investment possibilities. These include investments with low, medium, and high levels of risk as well as those that are Sharia-compliant and risk-free while maintaining capital. Under the programme, participating businesses are required to provide a monthly payment.