The Steering Committee of the Provident Fund for Foreign Employees in the Government of Dubai held its first meeting to discuss the work plan and the mechanism for subscribing to the fund
The Steering Committee of the Provident Fund for Foreign Employees in the Government of Dubai held its first meeting to discuss the work plan and the mechanism for subscribing to the fund, and to review the implementation details, and the beneficiaries’ inquiries, to ensure and protect the rights of employees, and provide opportunities to develop their entitlements and savings.
The fund applies international best practices in its governance, as it will be supervised by a board of trustees composed of the best expertise in the field of investment and management of provident funds, and the Dubai International Financial Center will technically supervise the fund and its operations.
Joining the fund will be automatic for foreign employees working in government agencies, subject to Law No. (8) of 2018 regarding the management of human resources for the Government of Dubai or its applicable human resources systems, according to job grades and on successive time stages, and this will be through the employer and the department Financial, where the amounts due are contributed through the total amount of the end-of-service gratuity, starting from the date of joining the system without including the financial dues for previous years of service, to which the current legislation applies.
The contribution to the fund is equal to the end-of-service amounts due to the employee in accordance with human resources legislation, so that the contribution changes in the event the employee’s salary is changed, and there are no specific percentages of returns, as this is related to the investment portfolio and the degree of risk that the employee chooses from among the investment options available in the fund, which range Between portfolios that guarantee capital protection and portfolios of varying risks.
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