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Wed 18 Mar 2020 02:14 PM

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Dubai's DIFC appoints experts to oversee new employee savings plan

Dubai International Financial Centre appoints members of the supervisory board of its new Employee Workplace Savings Scheme

Dubai's DIFC appoints experts to oversee new employee savings plan

Dubai International Financial Centre (DIFC) has announced the appointment of the members of the supervisory board of its new Employee Workplace Savings Scheme (DEWS), which aims to assist DIFC employees in securing their financial future.

Introduced from last month, DEWS is an end-of-service benefits plan aimed to restructure the current 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.

The DEWS 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 first DEWS supervisory board will include Hamed Kazim as the independent chair, Jacques Visser and Madeya AlKtebi, both DIFC Authority (DIFCA) representatives, Thenji Moyo, as the employee representative, and Gordon Barr, as the employer representative.

Kazim owns Hamed Kazim Consultancy and is also currently a senior advisor to PricewaterHouseCoopers (PwC).

Visser is the chief legal officer of DIFCA while AlKtebi is senior vice president and head of human resources at DIFCA,.

Moyo is a UK trained and qualified specialist employment lawyer and is the co-head of employment at DWF (Middle East) while Barr is a partner within Al Tamimi & Company’s Employment & Incentives practice.

DIFCA received more than 200 nominations, which were then narrowed down to a shortlist of 21. The final shortlist was then voted on by the DIFC community.

Employers based in the DIFC have until March 31 to enroll into a qualifying scheme.

Arif Amiri, CEO, DIFC Authority said: “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.

“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."

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