The trust company, a wholly owned subsidiary of the National Bank of Abu Dhabi, is offering the Wealth Builder Plan which is a corporate scheme aimed at local and multinational companies enabling an employer and employee to contribute to a range of investment funds.
The launch is significant because the current practice required by the UAE Labour Law is for companies to provide their expatriate staff with a costly end-of-service indemnity; a lump sum that is determined by the length of an employee’s service.
The UAE also does not offer a state pension scheme for its expat population, unlike the government-sponsored pension schemes such as the Singapore Central Provident Fund and Hong Kong Mandatory Provident Fund.
Samira Zakour, the chief marketing officer of NBAD Trust Services, said: “By offering employees a cost effective and professionally managed savings solution, employers will be able to demonstrate that they have the long term interests of their staff in mind. This will have a powerful and positive impact on their ability to recruit and retain high quality employees.”
