In Dubai, a new savings and investment scheme has been launched to enhance employees’ end-of-service benefits. Sukoon Workplace Savings Solutions Limited (SWSS), a subsidiary of Sukoon Insurance, introduced the ‘Go Saver Employee Money Purchase Scheme’, specifically designed for companies and employees in the Dubai International Financial Centre (DIFC). This marks the second such plan in the DIFC, following Dews, and SWSS plans to expand its reach to the mainland UAE and other free zones.
The Go Saver plan offers employees a diversified range of investment options. These include a fully capital-protected option provided by Sukoon Insurance and Generali Global Pension, a selection of independent funds that include Shariah-compliant solutions, and risk-based portfolios offered by Franklin Templeton. These portfolios cater to diverse risk appetites, providing options for conservative, balanced, and dynamic investment strategies.
Emmanuel Deschamps, Chairman of SWSS, highlighted that the Go Saver plan will provide a competitive advantage to customers. The scheme is operational and built on a comprehensive framework that complies with applicable regulations. SWSS acts as the plan administrator and has partnered with CSC for trustee and operator services.
The launch of Go Saver demonstrates Sukoon’s commitment to improving the UAE’s labor market by enhancing employees’ financial well-being. It aims to provide secure end-of-service benefits and workplace savings, positioning itself as a significant player in the UAE’s workplace savings landscape. With plans to expand beyond DIFC, Go Saver is poised to become a leading solution for employee financial protection across the UAE.
The introduction of such schemes is crucial in the UAE, where traditional pension systems are not prevalent. By offering employees ownership and visibility of their investments, these plans help create a better pension mindset and reduce uncertainty associated with traditional gratuity systems. As the UAE continues to evolve its financial services sector, initiatives like Go Saver are expected to play a vital role in promoting financial literacy and retirement planning among employees.
