DIFC mulls new savings scheme instead of end of service gratuity

Pedro Gonçalves
clock • 1 min read

The Dubai International Financial Centre is looking into replacing the end of service gratuity with a funded workplace savings plan for its expat workforce, local news outlet The National reports. In a letter sent to all DIFC companies and signed by its governor Essa Kazim, the centre is proposing  "a trust-based savings vehicle to handle contributions, invest monies and pay benefits" as the gratuity payment is phased out. "Rather than being paid by their employer when leaving, the plan requires employers to contribute funds into the plan on an on-going basis," a DIFC spokesperson tol...

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