ⓘ Featured image details: Arif Amiri, CEO, DIFC; Credits: Supplied
▸ Supervisory Board members will provide oversight of the governance and commercial aspects of DEWS
▸ Employer and employee interests are protected as part of DEWS through the newly appointed DEWS Supervisory Board
▸ Region-first employee workplace savings scheme highlights DIFC being at the forefront of driving the future of finance in the region and attracting world-class talent in line with UAE’s National Agenda and Dubai Plan 2021
Dubai International Financial Centre (DIFC) today announced the appointment of its Supervisory Board members of its newly launched DIFC Employee Workplace Savings Scheme (DEWS). The scheme will assist DIFC employees to secure their financial future.
DIFC in a statement today said, DEWS came into effect from February 1, 2020, as a progressive end-of-service benefits plan ti restructure the currently defined benefit end of service gratuity scheme into a funded and professionally managed, defined contribution savings plan. The initiative also offers employees the ability to make voluntary savings into DEWS.
Unveiling more details DIFC said, the Supervisory Board will oversee the governance and commercial aspects of the scheme that are not subject to regulatory supervision, and ensure the interests of all employers and employees based in the DIFC are protected. The Dubai Financial Services Authority (DFSA) will supervise regulatory aspects of the master trustee and scheme administrator’s duties.
DEWS Supervisory Board now consists of:
- Hamed Kazim, the Independent Chair
- Jacques Visser and Madeya AlKtebi, DIFC Authority (DIFCA) respresentatives
- Thenji Moyo, the employee representative
- Gordon Barr, the employer representative
For the nomination process for both employee and employer representatives, DIFCA received over 200 nominations, which were then narrowed down to a list of 21 highly qualified and experienced individuals. The final list was then voted on by the DIFC community that finally led to the appointment of the board members.
DIFC’s employers have a deadline of March 31, 2020, to enrol into a Qualifying Scheme that encompasses the best-in-class default Qualifying Scheme, DEWS. The move to a professionally managed and cost-effective savings plans reflects DIFC’s standing as a world-leading business hub with values of ease, transparency and international best practice that will drive the future of finance.
DEWS will offer 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.
Commenting over DEWS and the appointment of the board members, Arif Amiri, CEO, DIFC said,
“We take great pride spearheading the regions’ first employee savings scheme, supporting employees at the DIFC in securing their financial future. 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.”
Talking about the propositions of DEWS and its alignment with UAE Vision 2021 and UAE’s National Agenda, Amiri said,
“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.”
“The new DEWS Supervisory Board should reassure employers and employees at the DIFC that we have an unwavering commitment to protecting their finances and delivering returns”, added Amiri.
P.S.- Visit the official homepage of DEWS for more information.