The Golden Pension Plan was launched by National Bonds in light of the financial crisis during the pandemic.
Launched on Tuesday, 11 October, the Golden Pension Plan by National Bonds comes as welcome news for expats across the UAE.
According to a report by Arabian Business, the plan is designed to accommodate companies with a large employee base. Companies now have a customisable solution with flexibility on the type of financial care to be arranged for the employees.
National Bonds is owned by the Investment Corporation of Dubai of which Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is the Chairman. They added that a Dubai-based company with 9,000 employees has already subscribed!
As part of the scheme, companies can contribute either a lump sum or make monthly deposits from or on behalf of the employee. The end-of-service amount will be put in the Golden Pension Plan scheme as per the agreed terms and features. Using the app, you can track your pension growth as well.
Included is also an attractive structure for end-of-service benefit placements, a unique employee retention tool, increased employee morale, monthly and lump sum deposit options and competitive profit rates on employee contributions.
For employees, there are affordable monthly contribution rates (as less as AED 100), competitive profit rates, visibility on end-of-service benefit amounts, profit returns and winnings, entry into National Bonds rewards programmes, and transparency on profit calculation and holdings.
The announcement came a day after UAE launched the unemployment insurance scheme for government and private sector employees.
As part of the same, compensation is paid on a monthly basis. It’s 60 per cent of the employee’s basic salary, subject to a maximum of AED 20,000 per month, for a period of three months from the date of unemployment.
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