^ian^
A great initiative or just another means of clawing back the hard earned from the expat workforce?
Would this be a hidden tax? What is the point of a pension fund if you cannot work here beyond 65 anyway? Shouldn't this be an individuals responsibility to organise their own post working life finances?
JMK
interesting..... it takes 3 months to retrieve your Etisalat deposit of AED 2000, wonder how long it will take for poor individual to get his pension fund paid off, in case one is being deported or leaving the country for good...
on the other hand, they imposed compulsory medical insurance for everyone - which at the end of the day was beneficial to employees, maybe we will benefit from the scheme . :roll: ..
admog
Sounds like a government money spinner to me.
Another brave move for tax free UAE.
SCY
This is great initiative. However, I remember there was a prosposal last year to limit the work/visa period to six (6) years only, and the expat worker has to go back to their home country. So, how would this proposed pension plan be implemented?
Back home, One is entitled for a pension if there's a continous contribution (employer/employee) for at least 20 years. Good thing, social security is accepting contributions coming from OFW in which i religiously contribute. You never know.. better prepared than sorry.