First Abu Dhabi Bank (FAB) has been granted preliminary approval to offer FAB End of Service Benefits Funds to companies based in the UAE. This initiative provides employees with the chance to enhance their end-of-service benefits through the new government-backed Alternative EOSB Savings Scheme.
Employers participating in the scheme will make monthly contributions, both basic and voluntary, on behalf of their employees into FAB End of Service Benefits Funds. These funds are customized to meet individual needs, values, and risk tolerances.
The Savings Scheme is a key component of the Ministry of Human Resources and Emiratisation (MOHRE) strategy to create a more dynamic labor market in the UAE. It has received approval from the Securities and Commodities Authority (SCA) and is being implemented under UAE Cabinet Resolution No. (96) of 2023 and Ministerial Resolution No. 668 of 2023.
These resolutions introduced an alternative, voluntary savings scheme for private sector employers and employees in the UAE, including those operating within free zones. FAB Asset Management has been chosen as a strategic partner by MOHRE and SCA to execute the government's new Savings Scheme.
Source link: https://www.khaleejtimes.com
