Equiom is delighted to have been selected by the Dubai International Financial Centre (DIFC) Authority as the Master Trustee on the much anticipated DIFC Employee Workplace Savings (DEWS) Scheme which is due to launch next year.
This landmark selection will see all DIFC-registered companies, with a combined total of over 24,000 employees, contributing to an overarching end of service gratuity trust scheme. The DEWS Scheme will be mandatory for all organisations based within the DIFC, with the ability to opt out in only very limited circumstances. The scheme is due to launch in January 2020 with Equiom as the Master Trustee and Zurich serving as the administrator for the scheme.
Having provided similar services to corporations in the Middle East for over 18 years and with four established offices in the UAE, Equiom is well placed to deliver a first class service to the overarching Scheme within the DIFC.
Nina Johnston, Managing Director of Equiom (Isle of Man) Limited, commented on the appointment:
‘We are thrilled that after a robust selection process Equiom has been confirmed as Master Trustee to the DEWS Scheme coming into force in 2020. We are fully committed to the vision of the DIFC Authority and the provision of enhanced benefits to employees within the DIFC. We are very proud to be working alongside the DIFC in bringing this initiative to life.’
Equiom’s Global Chief Executive Officer, Sheila Dean said:
‘The selection of Equiom as Master Trustee for the DEWS Scheme is a huge honour for us and testament to the capability of the team. Having spent many years myself working with Middle Eastern employers to provide employee incentives I am delighted to see the DIFC introduce a mandatory plan which will not only secure accrued benefits but provide a platform to enable growth and a longer term outlook.’
Gary Hales, Senior Executive Officer, Equiom (Isle of Man) Limited (DIFC Branch) added:
‘We have worked closely with the DIFC Authority to bring together a strong team, based across Equiom’s offices in the UAE and the Isle of Man, to ensure we are able to successfully deliver on the DIFC’s plans. I look forward to working with all of the stakeholders involved over the coming months as we roll out the DEWS Scheme for launch in 2020 and beyond.’