DUBAI / WAM
Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA), region, on Monday announces that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in his capacity as the Ruler of Dubai, has enacted the Employment Law Amendment Law No. 04 of 2020.
The Amendment Law introduces the new Qualifying Scheme workplace savings scheme in the DIFC, replacing the current end-of-service gratuity payment regime that has been in place since the inception of the DIFC in 2004.
The new regime commences on 1st February 2020, from which employers will make mandatory monthly contributions to a professionally managed and regulated savings plan.
“As we gear up for embarking upon expansion that will define the future of finance, amending DIFC Employment Law further demonstrates our position as a forward-thinking international financial hub aligned with global best practice that consistently maintains the best interests of DIFC’s dynamic workforce.”