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EWmums

EWfood

ewmoda

401k like plan in UAE?

386

Posts

EW EXPLORER

Latest post on 10 April 2011 - 10:44

In the US many companies offer a 401k savings plan (not so much anymore of course) - an employee designated amount of salary would be deposited in the fund, and the company would match up to a certain percentage. One of the many advantages was that the portion of salary put aside in the 401k was not taxed.

As a UAE based company, the tax incentive / issue isn't present, but we would still like to offer something similar to our personnel that the company would contribute to. I would appreciate recommendations of companies / institutions that facilitate plans of this nature. I know there are a lot of "financial planners" in Dubai, but prefer recommendations over trial / error scenario!

TIA

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nina-leigh22762

10

Posts

EW NEWBIE

Latest post on 01 September 2011 - 17:58

to andrea jones: I read your reply below, is it possible to speak to your DH's friend who is a US tax expert? We are possibly moving to the US in the next month and their tax system is daunting, it would be really helpful to be able to speak to someone in the know. Hoping you get this message. best regards

andreajones40369

14

Posts

EW NEWBIE

Latest post on 16 April 2011 - 19:19

I just checked with my husband's friend who is a US tax expert and he has advised that your approach will not work for us Americans because it is a non-qualified pension fund. Andrea

386

Posts

EW EXPLORER

Latest post on 12 April 2011 - 19:45

Excellent - thanks Frenchbird and all contributors...you've all given me great feedback, suggestions and recommendations!

149

Posts

EW NEWBIE

Latest post on 12 April 2011 - 18:48

the jumeirah group has such a plan and it was great. I don't work with them anymore but I still have the savings. I can take the money out whenever I want. contact their director of compensation and benefits - she's a lovely lady with a wealth of knowledge. their plan was very comprehensive.

26

Posts

EW NEWBIE

Latest post on 12 April 2011 - 14:15

@49M: in the event that a 401K is set up for the employees with matching employer contribution, what is the stand of your company in terms of paying the indemnity which is as per UAE Labour Law? My DH's company who both employ US and other nationalities provide for the 401K as per US labour law for US nationals and the other staff are going to be given the indemnity upon termination of employment. That said, they are in the free zone and I do not think that the indemnity package is any different. As per their contract they are still entitled to the indemity. How the head office US company) will view that when it happens is yet to be seen. I'd be happy to hear your opinion on this issue as it is something that I have been wanting to have straighten out for the longest time with my DH ( my background is in legal, so I want to have everything in black and white), but he's been blowing it off for the last 5 years.....

33

Posts

EW NEWBIE

Latest post on 12 April 2011 - 12:48

The plan that I have is set up with an offshore provider and does not have to be shut down when I leave the UAE. Not very scary at all really!

386

Posts

EW EXPLORER

Latest post on 12 April 2011 - 12:26

Awesome...SallyK you have mail! :)

33

Posts

EW NEWBIE

Latest post on 12 April 2011 - 12:22

Yes such an animal does exist, I have one! My employer contributes some, I can add additional and I have control over which funds I choose to invest in. It is called a group pension scheme, the company I work for sets these up. There are many ways to structure these plans, if you would like more info email me at [email protected]

386

Posts

EW EXPLORER

Latest post on 11 April 2011 - 11:59

Working in the GCC UNTIL retirement...not retiring here. :)

3901

Posts

EW MASTER

Latest post on 11 April 2011 - 11:57

Are expats allowed to retire here ? how do you get a visa without a job ?

386

Posts

EW EXPLORER

Latest post on 11 April 2011 - 11:47

I hear the concerns and understand completely. However, what I'm looking for are ideas / options to form some type of plan here that WOULD work. Doesn't have to be a "401k" plan, but something that would work in this environment, if such an animal exists. The "penalty" doesn't have to be large, and the contributions don't necessarily have to be in AED in a bank here in Dubai. Our company is relatively small, Expat Owned, and employing Expats and TCNs who ARE looking for long-term employment. I have been here 4 years, and if things continue as they're going may be here for another 20. Who knows? We are sure we'll hire some that are here, or will come here with us, to make a quick buck and then check out; but looking at the global economic situation as it is right now, if one is making good money here, and establishing a savings that is growing, where would they go that would prove more financially viable? Thank you for your input - this is definitely helping me to begin formulating viable options. More input encouraged!!

858

Posts

EW GURU

Latest post on 11 April 2011 - 11:32

Why wouldn't it work? Personnel (regardless of nationality) would contribute and company would match up to a certain percentage. The funds would be invested and / or put in some form of savings plan, and grow with each salary. [b'>The funds are available to personnel in an emergency, or at end of employment. The longer the plan is active the more is accrued; there would be some form of penalty for withdrawal prior to retirement.[/b'> What I am looking for is a company or organization in the GCC that could help draw up a plan, or offer alternative methods. The goal is to provide incentive for long-term employment, help personnel grow savings, etc. But most expat employees don't intend to be in the UAE until they retire and so would pay the penalty to remove their own money if they had an emergency or left... another reason I wouldn't pay in I'm afraid.

858

Posts

EW GURU

Latest post on 11 April 2011 - 11:29

I think it's a nice idea, but just don't think it would work in the UAE. I for one one not trust any extra dirhams in a plan I didn't have[i'> full [/i'>control over. Call me cynical but I wouldn't trust it not to have disappeared when I wanted to cash it in (not specifically talking about you 49, I am sure you and your company are trustworthy, lol, but you know what I mean...).

vero possumus37927

876

Posts

EW GURU

Latest post on 11 April 2011 - 11:29

some companies offer a provident fund here, large companies like Dubal

386

Posts

EW EXPLORER

Latest post on 11 April 2011 - 11:09

Why wouldn't it work? Personnel (regardless of nationality) would contribute and company would match up to a certain percentage. The funds would be invested and / or put in some form of savings plan, and grow with each salary. The funds are available to personnel in an emergency, or at end of employment. The longer the plan is active the more is accrued; there would be some form of penalty for withdrawal prior to retirement. What I am looking for is a company or organization in the GCC that could help draw up a plan, or offer alternative methods. The goal is to provide incentive for long-term employment, help personnel grow savings, etc.

1257

Posts

EW OLDHAND

Latest post on 10 April 2011 - 10:53

There are similar plans in other countries, but as it's basically a 'retirement' plan, how would it work? Can't you only rollover your plan in the years leading up to retirement? You can't actually get hold of the money in the plan/scheme UNTIL you retire, right? When would you cash it in? Most expats aren't here for years and years, so how would they benefit from the plan or are you thinking of this plan for citizens only, and if so, why would they need such a plan? Where would the money be kept? Who would service the plan [and what would it cost'>? How would the company benefit? Questions, questions ... Sorry, but I can't see how this sort of scheme would work here, but am interested to learn how it would work! :)

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