Dubai International Financial Centre confirms DEWS supervisory board Appointments to Oversee DIFC employee workplace savings scheme

• Supervisory Board members will provide oversight of the governance and commercial aspects of DEWS
• Employer and employee interests are protected as part of DEWS through the newly appointed DEWS Supervisory Board
• Region-first employee workplace savings scheme highlights DIFC being at the forefront of driving the future of finance in the region and attracting world-class talent in line with UAE’s National Agenda and Dubai Plan 2021 

Dubai, United Arab Emirates, 18 March 2020: Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, today announced the appointment of the members of the Supervisory Board of its newly launched DIFC Employee Workplace Savings Scheme (DEWS), which will assist DIFC employees in securing their financial future.

Introduced from 1 February 2020, DEWS is a progressive end-of-service benefits plan aimed to restructure the current defined benefit end of service gratuity scheme into a funded and professionally managed, defined contribution savings plan. The initiative also offers employees the ability to make voluntary savings into DEWS.

The DEWS Supervisory Board will oversee the governance and commercial aspects of the scheme that are not subject to regulatory supervision, and ensure the interests of all employers and employees based in the DIFC are protected. The Dubai Financial Services Authority (DFSA) will supervise regulatory aspects of the master trustee and scheme administrator’s duties.