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HAYAH Sees ‘Surge’ in End-of-Service Plan Interest on UAE Cabinet Announcement
DUBAI, UAE, Sept. 20, 2023 /PRNewswire/ — HAYAH Insurance Company P.J.S.C., a UAE leading provider of Life insurance and wealth propositions, has seen a ‘surge’ of enquiries from companies following this month’s announcement by the Government outlining a new vision for sustainable employee savings.
On 4th September His Highness Sheikh Mohammed bin Rashid al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, revealed that the UAE Cabinet has decided to create an end-of-service benefits scheme for employees working primarily in the private sector that will provide an alternative to the traditional gratuities system. The new scheme will be optional for employers to join and will help workers by ‘ensuring their rights and providing stability to their families,’ HH Sheikh Mohammed said.
“Although we don’t yet have a timeline for the new state-sponsored employee savings scheme, the announcement of a plan has had an immediate, positive effect on the market,” said Mohamed Seghir, CEO of HAYAH Insurance. “We’re now seeing a surge in enquiries from companies seeking to boost their understanding of employee benefit and corporate tax strategies. They want to support the Government’s efforts to make the UAE the best place in the world to work, and they want to champion these efforts in their industries.”
HAYAH has helped businesses meet their end-of-service obligations in a tax-efficient manner since 2021, when the company launched its groundbreaking ‘Employee Secure Saver’ plan. Backed by the financial strength of some influential shareholders and fully approved by the Central Bank of the UAE, Employee Secure Saver offers an extensive range of investment options, including risk-free funds, so employers can be confident the plan will suit all their workers.
Digital platforms complying with ISO27001 standards make plan administration simple, and HAYAH’s complementary ‘Tax-Smart Pensions’ scheme enables employers to meet their obligations to the nation as well as to their staff.
“This is a really exciting time for employers and employees in the UAE,” Mohamed Seghir said. “The Government’s commitment to stimulating economic growth whilst nurturing a strong savings culture is spurring the rapid development of the financial services market. We at HAYAH welcome the Government’s plans to update the employee benefits system and look forward to using our expertise to help deliver their vision.”
About HAYAH Insurance Company P.J.S.C.
HAYAH Insurance Company, P.J.S.C is a life insurance company committed to delivering innovative life insurance and investment solutions through fully digital channels.
With a focus on financial inclusion, we aim to offer affordable, accessible, and flexible financial planning solutions to everyone.
For more information about Employee Secure Saver, and to start your journey towards financial growth, visit www.hayah.com
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