Dubai International Financial Centre's Employee Workplace Savings Scheme Reaches Billion Milestone
The Dubai International Financial Centre (DIFC) has recently achieved a remarkable milestone with its Employee Workplace Savings (DEWS) scheme surpassing billion in assets under administration. This significant advancement underscores the ongoing transformation in employee benefits and financial security systems across the region, reflecting a broader commitment to modernize workforce management practices in the United Arab Emirates (UAE).
Initiated in February 2020, the DEWS program replaces the traditional gratuity system that has long been a component of employee compensation in the UAE. Designed as a fully funded and professionally managed savings plan, the DEWS scheme aims to enhance transparency, sustainability, and long-term welfare for employees. By doing so, it also assists employers in aligning their practices with global best standards, creating a cohesive workplace environment that benefits both sides.
Since its launch, the scheme has successfully enrolled 2,726 employers and an impressive 74,323 employees. Its reach has extended beyond the confines of the DIFC, engaging expatriates working across 61 Dubai Government entities and contributing to the inclusivity of the financial landscape. The more than billion currently held within the scheme serves not only as a testament to its role in securing employees’ futures but also illustrates the confidence placed in this innovative program by both employers and employees alike. Furthermore, with payouts exceeding 0 million already disbursed to participants, DEWS is demonstrating its effectiveness in providing immediate financial relief to those who need it.
His Excellency Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai, commented on the success of the DEWS scheme, stating that it mirrors Dubai’s vision of prioritizing people as the cornerstone of sustainable growth. He emphasized that initiatives like this enhance public-private collaboration and play a crucial role in providing long-term financial security for Dubai’s diverse workforce. This focus on employee welfare is guiding Dubai’s commitment to its economic Agenda (D33), which aims to elevate the city’s position within a competitive global marketplace.
In parallel, His Excellency Essa Kazim, Governor of DIFC, remarked that the milestone is indicative of Dubai’s expanding capacity to attract and retain top-tier global talent. He sees DEWS as an essential element of DIFC’s overarching aspiration to be recognized as one of the world’s foremost financial centres, thereby solidifying Dubai’s reputation as a progressive metropolis conducive to fostering innovation and development.
The governance and professional management of the DEWS scheme are ensured by a competent team comprising Equiom as trustee, Zurich Workplace Solutions as administrator, and Mercer as investment advisor. This strong framework not only assures participants of the security of their funds but also underscores the credibility and accountability of the entire scheme. As DEWS continues to evolve, it sets a new benchmark for employee savings in the region, further establishing DIFC and Dubai as a forward-thinking global financial hub.
Overall, the DEWS initiative serves as a model for modern employment practices that prioritize the financial welfare of employees, aligning with global trends and expectations. As Dubai navigates the complexities of attracting and retaining a diverse and skilled labor force, it is crucial that the city continues to prioritize innovations in employee benefits. The success of DEWS is indicative of Dubai’s potential to lead in this area, providing a baseline for other regions within the Middle East to follow.
As we move forward, it will be interesting to observe how such initiatives shape the future of employment in the UAE and beyond, fostering an environment where employee financial security is as paramount as corporate profitability. The DEWS program not only enriches the lives of individual employees but also enhances the overall economic landscape by promoting a culture of savings, investment, and financial planning for the future.
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