Calls for establishing services benefits Funds

‘         Dr. Al AWar: Great necessity for End of Service Funds

‘         Investment in workers incentives serves production process parties regionally

H.E. Dr. Abdulrahman Abdul Mannan Al Awar, Director General of the Federal Authority for Government Human Resources, confirmed that the accelerating global technological advancements, and the increased retirement age and years of service, leave no doubt that there is an excellent opportunity and an urgent need in the region to establish investment funds to manage retirement and end-of-service benefits, which will provide a saving opportunity to all the employees in the UAE and the region labor markets. As it will lift investment in our domestic economies, while considering market stability and the low risks associated with such investment opportunities in the UAE.

Spoken in front of participants in the first WIEOSB conference held in Dubai yesterday under the patronage of FAHR, he added that these funds will help employees plan properly by taking advantage of end of service benefits, enabling them to make use of their financial resources, and creating jobs for new generations.

FAHR Director General explained that creating saving schemes and funds in all sectors is an important strategic step and a new experience of its kind across the region. There are successful global practices in this field, as well as in the UAE with the leading organizations such as Emirates airlines, which has added to the competitiveness of Emirates Airlines, and such projects will have a significant impact on the social and economic levels according to latest Actuarial studies, recently done in the United Arab Emirates.

Finally, I would like to extend my appreciation to Mondial- Dubai for organizing this conference and welcoming the conference guests, speakers and participants and wishing you all a good stay in Dubai.

He praised the first conference of its kind in the UAE that opens the discussion and dialogue about a major issue that concerns millions of employees of the United Arab Emirates and the region both in governments and private sector; We trust that the conference will provide an opportunity to establish an ideal annual platform to attract experts and stakeholders to discuss and exchange ideas and visions on global best practices related to end-of-service reward systems at local, regional and global levels.

He also pointed out that the dialogues that took place at the conference come in line with the UAE’s vision and leadership directions that focus on creating jobs for future generations, protecting a healthy employee-employer relationship in the UAE and ensuring that their benefits are protected.  This will enhance and maintain a healthy social and individual well-being.

Participants in the conference agreed that the UAE is on the verge of a golden economic era with the launch of end of service benefits innovative and sophisticated schemes, that are becoming highly welcomed by the private and governmental institutions in the country. The establishment of a new integrated package of financial services will benefit a number of vital economic sectors such as banking, insurance, investment, and others, they said.

They also pointed out that there are significant social and economic benefits that can be gained when applying and adopting innovative systems to manage workers’ incentives, including enhancing the UAE’s ranking in attractiveness as a working environment, and a preferred destination for retirement, and the consequent strengthening of economic sectors related to consumers such as real estate, retail and governmental services.

Organized by Mondial LLC, a leading financial advisory firm in UAE on the subject of ‘severance pay’ strategies, the one-day conference addressed problems and find solutions currently experienced with the End of Service Benefits. This issue affects every working visa holder in the country. Therefore, this topic should be of interest to all business owners and HR Departments in the nation.

The conference’s first session titled “The Global Problem at Your Front Door” Moderated by Martin McGuigan, Partner McLagan, AON, where Mazen Abukhater, Consultant and Actuary, Mercer, presented an Overview of Retirement Systems Around the World. Followed by an Overview of the UAE’s Practice, Prevalence & Enhancements by Michael G. Brough, Senior Director, Willis Towers Watson. Then, Philip Wheeler, Senior Manager, MENA Pensions Advisory, Ernst & Young will give the audience an overview of corporates: Theory vs Reality.

The Second session: “Legal Consequences of Doing Things Wrong” was moderated by Peter Duke, Head of the Middle East & Africa Sales, Fidelity International, & Katherine Neal, Counsel. Afterwards, Ogier who shared a speech about “Options to Set Up International Solutions”. Ending this session will be Yannick Ramsamy, Counsel, Clyde & Co. will lead a discussion about Aligning EOSB Goals with Local Laws.

The following session “Present Position to the Future” was moderated by Paul Firth, Head of Wellbeing Services, ICAS. It Included Sean Kelleher, CEO, Mondial Dubai’s presentation titled: ‘A Road Map’, followed by Elaine Graham, Director, Zedra, explaining the “Client Discovery Process”.

The fourth session: End-to-End Solutions was moderated by Katy Hillside, Regional Sales Manager, FIS. Where Martin McGuigan, Partner McLagan, AON, shared a presentation titled; Bundled Options. Followed by Peter Cox, Head of Sales, Zurich International, describing the Bespoke Solutions & how to fill the void.

The fifth session moderated by Frank Carr, discussed the topic of “Technology Enabling Transformation”, where Roger David, Strategic Accounts Executive, FIS presented a case study about Corporate Savings Scheme Adoption. Followed by Richard Packman, Group Chief Executive, Vantage explaining how to establish and operate a company retirement scheme.

The Sixth session titled “Creating Employee Trust in End of Service Benefits” moderated by Philip Rose, Founder & Director, Halwyn, after which the guests had the chance to listen to Tania Bearryman, Executive Director, Intertrust explaining why trusts are considered powerful special purpose vehicles. Followed by Nina Johnston TEP, Managing Director, Equiom’s brief about managing EOSB Trust.

The last session was dedicated toward designing a portfolio to meet retirement objectives, it was moderated by Peter Duke, Head of the Middle East & Africa Intermediary Sales, Fidelity International Damien Maltwood, Investment Manager, Quilter Cheviot who gave a global outlook, and Steve Corrin, Head of Institutional and Wholesale Distribution, Emirates NBD will present a regional outlook.

The conference ended with a keynote speech about: Pioneering Enhanced EOSB in the UAE by a mystery speaker.