New pension scheme for ex-pats
#1
Forum Regular
Thread Starter
Joined: Mar 2008
Posts: 82
New pension scheme for ex-pats
The UAE seems to be contemplating a pension scheme for all ex-pats...
http://www.gulfnews.com/nation/Employment/10200746.html
Not sure if anyone has any opinions or any inside info. on this...
http://www.gulfnews.com/nation/Employment/10200746.html
Not sure if anyone has any opinions or any inside info. on this...
Last edited by BlackCloud; Mar 27th 2008 at 4:22 pm.
#2
Account Closed
Joined: Jul 2007
Posts: 7,028
Re: New pension scheme for ex-pats
The UAE seems to be contemplating a pension scheme for all ex-pats...
http://www.gulfnews.com/nation/Employment/10200746.html
Not sure if anyone has any opinions or any inside info. on this...
http://www.gulfnews.com/nation/Employment/10200746.html
Not sure if anyone has any opinions or any inside info. on this...
#3
Re: New pension scheme for ex-pats
That's the idea, when you retire you'll be out of this place anyway. Then try calling the Govt. office (Pension authority) whilst retired overseas to find out why you haven't been paid your pension since leaving the country.....
way to extract money out of expats me thinks.....
way to extract money out of expats me thinks.....
#4
Re: New pension scheme for ex-pats
That's the idea, when you retire you'll be out of this place anyway. Then try calling the Govt. office (Pension authority) whilst retired overseas to find out why you haven't been paid your pension since leaving the country.....
way to extract money out of expats me thinks.....
way to extract money out of expats me thinks.....
Pension/retirement is tooooooooo early to even consider in the present immigration climate...
#5
Re: New pension scheme for ex-pats
A better idea is to have unemployment benefit for expats, so that when someone with wife and kids is without a job, that benefit or insurance will enable him to stay for 3 months and also to have some financial back-up in order to survive the 3 months until he gets a new job...
Pension/retirement is tooooooooo early to even consider in the present immigration climate...
Pension/retirement is tooooooooo early to even consider in the present immigration climate...
#7
Re: New pension scheme for ex-pats
http://www.economist.com/research/ar...ry_id=10717040
#8
Re: New pension scheme for ex-pats
They need to change the labour laws - unfortunately they just went 2 steps backward on labour reforms....
http://www.economist.com/research/ar...ry_id=10717040
http://www.economist.com/research/ar...ry_id=10717040
#9
Re: New pension scheme for ex-pats
The Labour ban system should be completely abolished except in cases where an employee is sacked for gross misconduct.
I left my first company here due to their misconduect yet I was subject to a 6 month labour ban. really makes sense
I left my first company here due to their misconduect yet I was subject to a 6 month labour ban. really makes sense
#10
Re: New pension scheme for ex-pats
The UAE seems to be contemplating a pension scheme for all ex-pats...
http://www.gulfnews.com/nation/Employment/10200746.html
Not sure if anyone has any opinions or any inside info. on this...
http://www.gulfnews.com/nation/Employment/10200746.html
Not sure if anyone has any opinions or any inside info. on this...
What's wrong with expats doing their own offshore (where no one can get it) pensions/savings? Or is it another case of "I need a bigger 4x4" vs "where will I get money for food when I am too old to be employed"?...ahem!
N.
#11
Re: New pension scheme for ex-pats
Considering the UAE government will freeze your bank accounts and assets if you get on the wrong side of the law (like being hit from behind by the wrong number plate...) or you die I can only imagine how great such a pension scheme would be!
What's wrong with expats doing their own offshore (where no one can get it) pensions/savings? Or is it another case of "I need a bigger 4x4" vs "where will I get money for food when I am too old to be employed"?...ahem!
N.
What's wrong with expats doing their own offshore (where no one can get it) pensions/savings? Or is it another case of "I need a bigger 4x4" vs "where will I get money for food when I am too old to be employed"?...ahem!
N.
When anyone hits 60, they are already in front of a giant hurdle of not being able to renew their residency/work permits...
#12
Re: New pension scheme for ex-pats
A better idea is to have unemployment benefit for expats, so that when someone with wife and kids is without a job, that benefit or insurance will enable him to stay for 3 months and also to have some financial back-up in order to survive the 3 months until he gets a new job...
Pension/retirement is tooooooooo early to even consider in the present immigration climate...
Pension/retirement is tooooooooo early to even consider in the present immigration climate...
Oh - and if you loose your job due to illness/accident there is income replacement insurance available which gives you upto 75% of your current income until you get better or retire...wherever you are in the world.
N.
#13
Re: New pension scheme for ex-pats
Most people on a half decent expat package here could save 3 months of emergency money and stick it in an offshore deposit account...why rely on a foreign government to provide for you and your family? We are quick to moan when European governments give money to foreigners in our respective home countries...do you think Emiratis would be happy to support Joe Expat, his wife, three kids, their two SUVs, nice villa and their meals out, barbeques and trips to Hatta until they find work?
Oh - and if you loose your job due to illness/accident there is income replacement insurance available which gives you upto 75% of your current income until you get better or retire...wherever you are in the world.
N.
Oh - and if you loose your job due to illness/accident there is income replacement insurance available which gives you upto 75% of your current income until you get better or retire...wherever you are in the world.
N.
Arabs tend to trust governments more with their money than Insurance/Financial institutions, especially with regards to pension...But, the new generations (aged 40 and less) are already savvy about the majority of the investment schemes out there...
Last edited by Confucius; Mar 27th 2008 at 8:02 pm.
#14
Re: New pension scheme for ex-pats
its shocking, basically they don't trust you at all, and they make that clear from the start, a ncie way to start a new job eh?