DIFC confirms appointment of DEWS supervisory board members
DEWS aims to restructuring the current end-of-service gratuity scheme into a professionally-managed savings plan
The Dubai International Financial Centre (DIFC) has announced the appointment of members on the Supervisory Board of its recently-launched DIFC Employee Workplace Savings Scheme (DEWS), which aims to assist DIFC employees in securing their financial future.
Introduced from 1 February, 2020, DEWS is an end-of-service benefits plan that is aimed at restructuring the current end-of-service gratuity scheme into a funded and professionally-managed contribution savings plan.
The initiative offers employees the ability to make voluntary savings into DEWS.
The DEWS Supervisory Board will be tasked with overseeing the governance and commercial aspects of the scheme that are not subject to regulatory supervision, and will ensure that all interests of DIFC employers and employees are protected.
The Dubai Financial Services Authority (DFSA) will supervise the regulatory aspects of the master trustee and the scheme administrator’s duties.
The first DEWS Supervisory Board will consist of Hamed Kazim as the independent chair; Jacques Visser and Madeya AlKtebi as the DIFC Authority (DIFCA) representatives; Thenji Moyo as the employee representative; and Gordon Barr as the employer representative.
As part of the nomination process for both employee and employer representatives, the DIFCA received more than 200 nominations, which were then narrowed down to 21 highly qualified and experienced individuals. The final shortlist was then voted for by the DIFC community, which ultimately led to the final appointment of the board members.
Employers based at the DIFC have until 31 March, 2020, to enrol into a qualifying scheme, which includes the best-in-class default Qualifying Scheme (DEWS).
Commenting on the appointments, the chief executive officer of the DIFCA, Arif Amiri, said: “We take great pride in spearheading the region's first employee savings scheme, supporting employees at the DIFC in securing their financial future.”
“We have been overwhelmed with nominations for the DEWS Supervisory Board, resulting in several accomplished and experienced members who share our core values of transparency and integrity.”
“The new DEWS Supervisory Board should reassure employers and employees at the DIFC that we have an unwavering commitment to protecting their finances and delivering returns,” he added.