World Bank recommends pension fund for expats in Dubai

The International Bank for Reconstruction and Development (World Bank) has recommended the establishment of a pension fund for expatriate employees in Dubai, reported Emarat Al Youm newspaper.

The recommendations were made in a study by the bank at the request of the Department of Economic Development in Dubai (DED).

The fund will revitalise business in the UAE, says the World Bank report.

Ali Ibrahim, Deputy Director-General for Planning Affairs and Development, DED, told the paper that the pension fund for expatriate employees in Dubai is one of the important projects included in the strategic plan of the department because it would increase productivity and contribute to employees’ stability.

The fund will also help provide a decent life for expatriates and their families when they retire, added Ali Ibrahim.

The study was done in accordance with international best practices, while respecting the local aspects.

Ali Ibrahim said: “The DED has started taking steps to implement the recommendations in coordination with other relevant local bodies.”

The economic indicators have shown that the business confidence index rose by 15 per cent last year compared to 2010.

The indicators shown that Dubai has grown since mid-2010, which indicates that the policies and measures taken by the government have a positive effect,” Ali Ibrahim explained.

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