DIFC EMPLOYEE WORKPLACE SAVINGS (DEWS)
31 March 2020
From 1 February 2020, DIFC has introduced a progressive end-of-service benefits scheme introduced for expatriate workers. This will replace the existing Gratuity Benefits to an enhanced professionally managed contribution plan. This allows employees to increase their savings by contributing voluntarily towards the savings scheme.
The new scheme mandates all DIFC registered employers to sign their employees into this new plan and start making contributions in line with the mandate latest by 30 April 2020, and further contribution payments on a monthly basis.
Greater cash flow certainty
Professionally managed investment of end of service funds
Transparency in end of service liabilities at all times
Increased employee savings
Attract and retain the best talent
Bespoke DEWS compliant payroll systems designed for contribution calculations pertinent to each employee.
Preparation and provision of the monthly contribution file for submission to DEWS.
Assistance with certain administrative functions on the company’s DEWS portal such as the upload of the monthly contribution file.
Timely payment of monthly contributions to the Trustee bank account through assistance of our treasury services.
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