In the past few weeks, there has been a flurry of articles on the topic of pensions in the GCC. I have selected for you the most informative of these articles so you can get a helicopter view.
GCC general
- Pensions schemes for Nationals in the GCC should diversify their investment approaches in order to increase financial returns and ensure financial sustainability for future retirees.
UAE Nationals
- FNC recommends pension changes with payment for Nationals who resign from government once they reach 20 years of service, with no minimum age restriction set at 50 years. Current laws sets a minimum age of 50 years old to receive the pension. The article contains other details regarding the financial balance required for sustainability of the pension fund.
- This article, like the first one, also describes discussions between the government, concerned about the financial aspects, and the FNC, who wants to highlight “the humane side of things”.
UAE expats
- 5 retirement planning pitfalls to avoid
- A clear and complete description of the current End of Service system for expats
- Pensions for expats by end of 2012 ? A DED official mentions they would start by large companies and public establishments but does not clearly confirm whether it would start in Dubai only or at the federal level, and whether it would be compulsory or not
- These other 2 articles on the topic bring a few more details and feedback from analysts and economists
Oman
- Oman considering pensions in the private sector – although it is not clear from the article whether that would be for Omanis or expats
- … and this second article covering the same topic does not clarify either.
Kuwait
Bahrain
- Government considers changes to pensions for Nationals including reinstating the pension for widowers even if they remarry, and would include an option to choose between a one-time payment and a regular pension for those with at least 10 years of service.
- … with more details in this other article regarding a proposal to cancel the cap to the monthly pension for Bahrainis.
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Related posts :
- An update on the project on expat retirement schemes in the UAE
- Pensions landscape – Europe and GCC part I
- Pensions landscape – Europe and GCC part II
Hi,
Thanks for sharing all these links. In relation to compensation in the Middle East I would also like to share the link to the latest Bayt.com Middle East Salary Survey March 2012 report here http://www.bayt.com/en/research-report-13189/.
This report ooks at the current situation of working professionals in the MENA, levels of MENA salaries and GCC Salaries(UAE Salaries, KSA Salaries, Kuwait Salaries, Qatar Salaries, Bahrain Salaries, Jordan Salaries, Lebanon Salaries, Egypt Salaries), GCC and MENA compensation packages, MENA bonuses and GCC Bonuses, MENA Salary raises and GCC Salary raises, MENA Costs of living and gauges overall employee job satisfaction in the MENA.
Thanks!
Apeksha
Thanks Apeksha for sharing this report that I am sure my readers will find useful. I will include it in my May overview of useful articles as well.