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Expat pension fund: unwanted or welcomed?

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?

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November 1, 2011 3:45 by



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!”



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1 Comment

  1. Muhammad on November 3, 2011 9:39 am

    This in not like this we are serving here but problem is that when people are going back after long services they don’t have any future in their home country. The time of struggling people are stating in UAE and after retirement they are going back and this is very difficult people will except them, they have to make rule like that if person is working more than 10 years he should get passport and benefit which one national is getting otherwise as I seems useless, why I am telling if one family is staying here with family and after retirement he have to go back and his children are grown up and got the job in UAE but after retirement children parents have to go back and this is very difficult time in old age person have to leave young one in UAE and go back to their countries.
    After retirement if they will get passport then they can stay with their children’s other wise this is very difficult.
    Move is very good of gratuity but I like to recommend that person should get passport after certain time he spend here, otherwise this will be disastrous for family who are staying from long time.
    Right for everyone should be same.

     

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