On 10 October 2023, the UAE Cabinet issued Cabinet Decision No 96/2023 (the Decision) in which it announced the introduction of a voluntary alternative scheme relating to end of service (EOS) benefits for non-GCC national employees (the New Scheme).
The New Scheme allows employers to offer their employees the opportunity to opt into a voluntary EOS benefits scheme that operates based on monthly contributions made by employers into an investment fund.
The New Scheme is optional for employers at the moment, but it is hoped by the UAE government that it will be taken up by many employers in the coming months and years.
To read the full article on the New Scheme, including the key practical takeaways for employers and employees Click here.
If you have any questions about the Decision or the New Scheme, or if you require advice and/or assistance with the adoption of the New Scheme, please get in touch with Natasja Pollemans.