DIFC appoints experts to oversee DEWS employee savings plan

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DIFC appoints experts to oversee DEWS employee savings plan

Dubai International Financial Centre (DIFC) has announced the appointment of the members of the supervisory board of its new Employee Workplace Savings Scheme (DEWS), which aims to assist DIFC employees in securing their financial future.

Introduced in February, DEWS is an end-of-service benefits plan aimed to restructure the current defined benefit end of service gratuity scheme into a funded and professionally managed, defined contribution savings plan.

The new DEWS supervisory board will include Hamed Kazim a senior adviser at PwC, Jacques Visser and Madeya AlKtebi, both DIFC Authority (DIFCA) representatives, Thenji Moyo, as the employee representative, and Gordon Barr as the employers' representative.

We have been overwhelmed with nominations for the DEWS Supervisory Board resulting in several accomplished and experienced members who share our core values of transparency and integrity."

The DEWS end of service scheme, details of which were released in January, is a low cost investment platform for receiving and managing mandatory employer end-of-service contributions on behalf of their employees and any added voluntary savings by employees, including cash or cash equivalent options for those members that do not want to take investment risk with their contributions.

Nominations
Arif Amiri, CEO, DIFC Authority said: "We have been overwhelmed with nominations for the DEWS Supervisory Board resulting in several accomplished and experienced members who share our core values of transparency and integrity.

"This is not only important for delivering on our 2024 growth strategy, but also retaining our status as a world-leading international business hub that drives the future of finance and supports the UAE's National Agenda and Dubai Plan 2021. Ultimately, the newly appointed members of the supervisory board will ensure DEWS matches the international standards that top global talent expect."

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.