Dubai, March 25: Expatriates in both the private and public sectors in Dubai could soon avail of pension scheme.
A feasibility study called 'Project Pensions Fund' will be completed by the year-end, according to a top official of the Department of Economic Development in Dubai (DED).
The study is the first step towards implementing a pension scheme, according to Ali Ibrahim, Deputy Director-General, Planning and Development Affairs, DED.
"The department is currently in talks with both local and federal entities as well as authorities of other emirates and organised a workshop to discuss the mechanisms involved in its implementation," he added.
Since it is a first-of-its-kind undertaking, the project will be implemented in phases, said Ali Ibrahim.
The first phase will include big companies in both public and private sector that are already offering pensions for its employees.
The project will be gradually extended across the UAE with the support of the Ministry of Labour, he added.
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