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Expat pension fund: unwanted or welcomed?
Talk of expatriate pension schemes in the UAE has going on since June, with mixed reactions. Will you buy into this new offer to stay in the UAE longer?
November 1, 2011 3:45 by kippreport
It’s hard to say no to staying in the UAE for a few years, saving some of your hard-earned tax-free dollars and enjoying your time under the sun. For most of us, it starts out with a two-year timeline. But before we realise it, we’re starting to plan a longer stay in the Emirates. Two years becomes five years. Five years becomes seven, and so on.
But at the back of the minds of most expatriates in the UAE is the knowledge that enjoying life the UAE could be cut short at any time—whether it’s through job loss or your business idea just not gaining enough momentum. Whether you’ve been here ten years or ten months, all expats know the UAE expat community is transient.
So when DED started discussions with the World Bank in June this year about the addition of an expat pension fund, there wasn’t that much excitement. But now, talks are back on and it seems the plan for the pension scheme is closer to reality than ever before, as the government is determined to encourage people to stay in the Emirates a little longer.
But how much of an advantage will a pension scheme be for expatriates in the UAE? Sure, The Kipp team can’t see eye to eye on this issue. Which side are you on?
Some of our readers on Facebook like Sven Polter said:
“Retirement in the UAE is not possible for expats, so why contribute to pension here? Definitely in one’s home country or offshore, but certainly not for me in the UAE!”