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New pension scheme for ex-pats

New pension scheme for ex-pats

Old Mar 27th 2008, 4:18 am
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Default 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...

Last edited by BlackCloud; Mar 27th 2008 at 4:22 am.
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Old Mar 27th 2008, 4:45 am
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Default Re: New pension scheme for ex-pats

Originally Posted by BlackCloud
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...
Just another way for the UAE governmemt to make money I suspect. After all, how many expats really plan to stay here long enough to make use of a pension? When you depart, they will find some way to avoid paying you.
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Old Mar 27th 2008, 6:07 am
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Default Re: New pension scheme for ex-pats

Originally Posted by lionheart
When you depart, they will find some way to avoid paying you.
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.....
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Old Mar 27th 2008, 6:12 am
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
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.....
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...
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Old Mar 27th 2008, 6:14 am
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Default Re: New pension scheme for ex-pats

Originally Posted by Confucius
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...
Think it should be 6 months - they need to survive the ban period...
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Old Mar 27th 2008, 6:16 am
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
Think it should be 6 months - they need to survive the ban period...
The scheme should be not to ban those who are already in the UB scheme...3 or 6 months will just be additional options that come at a premium...
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Old Mar 27th 2008, 6:41 am
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Default Re: New pension scheme for ex-pats

Originally Posted by Confucius
The scheme should be not to ban those who are already in the UB scheme...3 or 6 months will just be additional options that come at a premium...
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
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Old Mar 27th 2008, 6:42 am
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Default Re: New pension scheme for ex-pats

Originally Posted by IndieGirl
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
It's always 1 step forward and 2 steps back...
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Old Mar 27th 2008, 6:54 am
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Default 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
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Old Mar 27th 2008, 7:05 am
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Default Re: New pension scheme for ex-pats

Originally Posted by BlackCloud
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...
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.
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Old Mar 27th 2008, 7:10 am
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Default Re: New pension scheme for ex-pats

Originally Posted by Norm_uk
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.
It still needs some legal framework...
When anyone hits 60, they are already in front of a giant hurdle of not being able to renew their residency/work permits...
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Old Mar 27th 2008, 7:54 am
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Default Re: New pension scheme for ex-pats

Originally Posted by Confucius
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...
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.
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Old Mar 27th 2008, 7:59 am
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Default Re: New pension scheme for ex-pats

Originally Posted by Norm_uk
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.
What they are targetting by the retirement scheme is the Arab expat population, in my opinion...
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 am.
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Old Mar 27th 2008, 8:11 am
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Default Re: New pension scheme for ex-pats

Originally Posted by Inselaffen
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
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?
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Old Mar 27th 2008, 3:55 pm
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Default Re: New pension scheme for ex-pats

Originally Posted by Norm_uk
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.
Any idea what the premiums for this type of cover are?
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