UAE Launches Golden Pension Plan for Expats and Nationals

National Bonds, a subsidiary of Investment Corporation of Dubai, launched a new initiative for expats and nationals, the Golden Pension Plan.

The plan is designed to provide companies with a large employee base with flexible solutions for financial care for the employees, according to the announcement.

Companies will be able to contribute a lump sum amount or monthly deposits, from or on behalf of the employee. The end-of-service amount will be put in the Golden Pension Plan scheme as per the agreed terms and features, prizes and rewards are also a part of the plan for customers.

The initiative is set to become a unique employee retention tool providing increased employee morale, monthly and lump sum deposit options for companies and competitive profit rates on employee contributions.

Previously, the UAE launched an unemployment insurance scheme. The compensation will be paid on a monthly basis, calculated on 60 percent of the employee’s basic salary and subject to a maximum of AED20,000 per month, for a period of three months from the date of unemployment.