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Expats living and working in the UAE may soon have access to a state pension scheme if the government?s plans for such a scheme are implemented.
While a number of private banks and financial entities currently offer pension schemes for UAE nationals as well as expatriates of various nationalities, the government is currently in discussion to launch a federal scheme for expats, according to various sources.
Experts in the UAE have long argued for pension reform, especially in lieu of the current gratuity scheme. They believe that a pension scheme to non-national employees will be more beneficial than what the employees otherwise receive under the end-of-service gratuity model.
As of now there is no law that binds the companies in the country to provide this benefit to foreign employees but there are strong recommendations for this and some companies are slowly moving towards to it in the form of contributory pension schemes.