DIFC amends law to replace end of service gratuity scheme

Pedro Gonçalves
clock • 2 min read

Dubai International Financial Centre (DIFC) has amendment employment laws to introduce the new Qualifying Scheme workplace savings plan in the financial hub, replacing the current end-of-service gratuity payment regime that has been in place since 2004. The new regime comes to effect on 1 February 2020, from which employers will make mandatory monthly contributions to a professionally managed and regulated savings plan. Essa Kazim, the governor of DIFC, said: "With a firm commitment to creating a prosperous hub for our 24,000 professionals based at the DIFC, these comprehensive enhanc...

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