Pensions For Expats

Old Oct 18th 2012, 4:28 pm
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Default Pensions For Expats

Would you sign up for this?

http://www.telegraph.co.uk/finance/p...-pensions.html
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Old Oct 19th 2012, 4:36 pm
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Default Re: Pensions For Expats

you think it will be voluntary?
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Old Oct 21st 2012, 8:25 am
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Default Re: Pensions For Expats

They have been talking about it for years, since 2008 in fact. One of us wrote about this in April of this year so the Telegraph is a bit behind!
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Old Oct 21st 2012, 12:10 pm
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Default Re: Pensions For Expats

Originally Posted by soukie View Post
No. And the guy who said he'd keep more money here is out of his tiny mind.

I'd not keep any more money or assets here than I could afford to walk away from. There is no law other than what they say it is today, and they can change their minds tomorrow. Even if looking for an offshore place to store loot, there are 100 other far more trustworthy places that don't have a reputation for changing the rules to suit themselves.
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Old Oct 21st 2012, 12:17 pm
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Default Re: Pensions For Expats

Not to mention the possible effects of Sharia law...
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Old Oct 22nd 2012, 2:19 am
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Default Re: Pensions For Expats

I got as far as the dreaded words 'The World Bank.....' and gave up........ if there was ever a discredited global institution, that's the one...........

Next: Look out for Dubai officials consulting 'EU Finance Ministers........'
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Old Oct 22nd 2012, 9:45 am
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Default Re: Pensions For Expats

Pensions for people who have no right to perminant abode regardless of how long they stay and work in the country.

Pensions in a system where banks routinely freeze accounts, sharia law is applied and transparency is akin to looking for a black cat in a dark cellar at night.

If it's mandatory I can see a lot of informed people leaving...myself included. When any government starts telling me how to save, especially one like Dubai's then it's time to go.

N.
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Old Oct 22nd 2012, 12:02 pm
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Default Re: Pensions For Expats

The idea that all salaries will have to be paid via an official government payment service is already on the cards. It will be sold under the basis that it 'protects' workers because the govt can see any companies that aren't paying workers. But the real point is firstly to charge a fee to every company on a sliding scale based on the salary (e.g. a tax). Once that is in place, they effectively have the machinery in place for income tax; they just work out how much is being paid in total (which they probably don't know at present) then decide what % they're going to charge.
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Old Oct 22nd 2012, 12:07 pm
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Default Re: Pensions For Expats

Originally Posted by captainflack View Post
The idea that all salaries will have to be paid via an official government payment service is already on the cards. It will be sold under the basis that it 'protects' workers because the govt can see any companies that aren't paying workers. But the real point is firstly to charge a fee to every company on a sliding scale based on the salary (e.g. a tax). Once that is in place, they effectively have the machinery in place for income tax; they just work out how much is being paid in total (which they probably don't know at present) then decide what % they're going to charge.
Already in place, and has been for well over a year: Wages Protections System (WPS). Or is this only in AD?
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Old Oct 22nd 2012, 1:10 pm
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Default Re: Pensions For Expats

Originally Posted by Bahtatboy View Post
Already in place, and has been for well over a year: Wages Protections System (WPS). Or is this only in AD?
It's across the whole of the UAE. I said at the time it was a possible forerunner of income tax.
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Old Oct 22nd 2012, 1:18 pm
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Default Re: Pensions For Expats

Originally Posted by Meow View Post
It's across the whole of the UAE. I said at the time it was a possible forerunner of income tax.
A certain company I know pays most of its expats partly here and partly in their home countries. The part they pay here is the same as the "official" contract of employment lodged with the MOL. At a recent tribunal the MOL completely disregarded anything other than the official contract when reckoning the employee's remuneration. That has the potential to cut two ways, both painful.
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Old Oct 22nd 2012, 4:43 pm
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Default Re: Pensions For Expats

Originally Posted by The Dean View Post
I got as far as the dreaded words 'The World Bank.....' and gave up......
... ask where the World Bank employees that work here have their pensions located.

Last edited by Millhouse; Oct 22nd 2012 at 4:46 pm.
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Old Oct 22nd 2012, 5:50 pm
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Default Re: Pensions For Expats

Originally Posted by Millhouse View Post
... ask where the World Bank employees that work here have their pensions located.
Ooooh............ go on............ ?
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Old Oct 23rd 2012, 2:59 am
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Default Re: Pensions For Expats

Originally Posted by The Dean View Post
Ooooh............ go on............ ?
not in-country for sure. In fact when the Work Bank (like all parts of the UN to be fair) open an office they are exempt of all local labour laws. Do as I say...
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