Outer Temple Chambers join a panel of experts for the DIFC Employee Workplace Savings Scheme Seminar

The DIFC has issued its proposals for replacing the existing end of service gratuity regime with a mandatory workplace savings schemes into which employers must (and employees may) contribute. Following the announcement by the DIFC Authority to introduce the DIFC Employee Workplace Savings Scheme (DEWS) on Wednesday 1 January 2020, Jersey Finance in association with the Outer Temple Chambers and Stephenson Harwood will hold a two-hour seminar during which the new proposed structure, the DEWS draft legislation, employers’ options in terms of providers, and some practical recommendations for DIFC businesses will be discussed.

On Monday 18^th November, members of Outer Temple Chambers (drafters of the legislation) alongside a panel of experts from the DIFC Authority and Stephenson Harwood law will guide DIFC employees through this ground-breaking initiative and discuss how the structure will impact businesses within the DIFC and beyond. The seminar is aimed at C-level executives in the DIFC, to help them gain clarity about their end of service benefits (EoSB) liability to employees in light of the upcoming changes and equip them with the necessary information to prepare accordingly.

Outer Temple Chambers have assisted DIFCA with establishing the DIFC Employee Workplace Savings Plan, which is to be (from January 2020) a funded end of service benefit for DIFC Employees. Participation in a qualifying scheme will be mandatory for DIFC employers, and DEWS will be the DIFCA establishes qualifying scheme.

Outer Temple Chambers drafted the relevant parts of the Employment law amendments and regulations; the Presidential directive establishing the DEWS “Supervisory Board”; the trust deed and rules whereby the Supervisory Board is to establish the DEWS Plan with Equiom as its first trustee; participation agreements for employers to sign up to DEWS and the trusteeship agreement between the Supervisory Board and Equiom.

Outer Temple will continue to be involved in future drafting, including an administrative agreement between Equiom and the administrators, Zurich. The DIFC scheme is a ground-breaking step – the first of its kind in the UAE – forms part of DIFC’s vision to drive the future of finance in the region by more closely aligning with global trends in retirement savings standards.

The event is free of charge and will be held on Monday 18 November 2019, from 6.00 pm – 8.30pm. It will be held at the Capital Club – Level 4, DIFC – Gate Village 3. Should you wish to register to attend the event, please email Jacqueline.

News 14 Nov, 2019