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Friday, December 1, 2023

Golden pension plan for UAE taxi drivers

The Golden Pension Plan was launched to “ramp up” financial planning solutions for nationals and residents.

Over 9,000 taxi drivers will benefit from the Golden Pension Plan, set up by the National Bonds. The new platform will allow taxi drivers to save money as well as avail benefits, the news agencies said.

The plan was set up by the Dubai Taxi Corporation (DTC) at the Dubai Roads and Transport Authority (RTA).

The Golden Pension Plan was launched to “ramp up” financial planning solutions for nationals and residents.

The plan was developed due to an increase demand from employers and employees, and aims to support National Bonds-registered firms’ employees and their financial goals.

Through this, employees of registered corporates will “get a head start in growing their end-of-service benefits as part of their retirement planning and strengthen their financial resilience through the highly competitive returns being offered by National Bonds under this programme,” National Bonds said in a statement on Monday.

The plan allows employees to contribute as little as AED100 on a monthly basis.

They will then earn a profit on the amount saved, which will then be given along with the employee’s earned gratuity at the organisation.

“The scheme aims to support organisations with their employee retention efforts as well as help them plan ahead for the end-of-service financials,” the statement said.

Employees can access their pension portfolio through the National Bonds’ mobile application, which allows them to view the growth of their savings in realtime.

“They will be part of the National Bonds’ rich rewards programme of AED35 million and are eligible for Life takaful cover provided by local Takaful Operators,” the statement said.

“Retirement planning is vitally crucial to ensure the stability and financial independence of individuals. The UAE now has a population of around 9 million people. We hope to enable residents to invest in their futures while also supporting businesses through this smart first-of-its-kind staff retention programme,” National Bonds’ group chief executive officer Mohammed Qasim Al Ali said.

Ali added: “In line with the vision of the leadership to make UAE the preferred country of employment, the scheme enables companies to invest in their employees’ end-of-service funds so that they can benefit from additional returns on their gratuity. We aim to contribute to their vision of building a nation of the future, where all citizens and residents are financially empowered.”

Echoing the same sentiment, DTC chief executive officer Mansoor Rahma AlFalasi said: “We are proud to be the first organisation to join the Golden Pension Plan. Through this programme, the Corporation seeks to provide quality services to its drivers, which contributes to achieving the strategic goals of the happiness of our people.

-Agencies inputs including Arabian Business

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