News Middle East27 Sep 2020

UAE:App offers transparency and convenience to end-of-service benefits scheme

| 27 Sep 2020

Zurich Workplace Solutions (Middle East), part of the Zurich Insurance Group, has teamed up with Smart, a global technology provider, to customise and launch the Zurich for DEWS App. The app aims to enhance the relevance and user-friendly nature of the DIFC Employee Workplace Savings (DEWS) Plan.

A progressive end-of-service benefits scheme for expatriate workers, DEWS was introduced within the DIFC to restructure the then defined employee benefit scheme into a funded, professionally-managed and defined contribution plan that is aligned with international standards. DEWS, launched in February 2020, also offers employees working in the DIFC a voluntary savings plan, allowing them to secure their financial future with ease.

Zurich Workplace Solutions (Middle East), based in the DIFC, provides support to employers and employees through the administration and management of the DEWS plan. This includes enrolment, management of contributions, enablement of the investment process and administering withdrawals.

For companies that have enrolled into DEWS, the plan ensures that all contributions by the employer are held in a trust with the master trustee, Equiom, on behalf of the employees, and is fully paid out when the employee leaves the employer. That protection is extended to the historical accrued gratuity pots, if these were transferred into the plan.

Key features for members using the Zurich for DEWS App include:

  • Access to their DEWS account from anywhere, at anytime
  • Ability to see their latest account value, contribution history and monitor their investments
  • -Ability to manage their investments and switch their strategies to suit their risk appetite
  • -Facility to nominate beneficiaries.

 

 

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