Employee Benefits in the United Arab Emirates 2020

Employee Benefits in the United Arab Emirates 2020

  • September 2020 •
  • 44 pages •
  • Report ID: 5974934 •
  • Format: PDF
Employee Benefits in the United Arab Emirates 2020

Summary
The United Arab Emirates (UAE) has undergone a huge transformation following the discovery of oil in the 1950s, going from a poor region to a contemporary state with a high standard of living.The country, however, only provides social security benefits to UAE nationals.

The country does not have a social security system comparable to those that expatriates from other countries have access to.Expatriate employees and employers of an expatriate are not required to make contributions to any social security scheme.

The country’s social security system is governed by the Pension and Social Security Federal Law.The General Pension and Social Security Authority (GPSSA) and Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) are both responsible for social insurance and pension benefits in the UAE.

Individuals can also voluntarily participate in private benefit plans.

The report provides in-depth industry analysis, information and insights of the employee benefits in UAE, including: overview of the state and compulsory benefits in UAE, detailed information about the private benefits in UAE, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in UAE.

Key Highlights
- The General Pension and Social Security Authority (GPSSA) and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) are responsible for the functioning of the overall social security system.
- Contributions to the UAE social security system will be made by employees, employers and the government on a pay-as-you-go basis, depending on employees’ monthly pay roll.
- All full-time employees in the UAE can voluntarily participate in private benefit plans.
- The public pension system in the UAE is predominant and all the companies provide mandatory end of service benefits. Hence, a few large companies provide supplementary employer-sponsored DC plans to their resident employees in the form of corporate savings plans or corporate pension plans. However, DB plans are not prevalent in the country.

Scope
This report provides a detailed analysis of employee benefits in the United Arab Emirates -
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in UAE

Reasons to Buy
- Make strategic decisions using in-depth information related to employee benefits in UAE.
- Assess UAE’s employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in UAE.
- Gain insights into key organizations governing UAE’s employee benefits, and their impact on companies.
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