First Abu Dhabi Bank (FAB) has received initial approval to offer its End of Service Benefits Funds to UAE-based companies.
The programme will enable employees to enhance their end-of-service benefits through the new government-backed Alternative EOSB Savings Scheme.
Under this scheme, employers will contribute monthly basic and voluntary amounts on behalf of their employees into FAB’s End of Service Benefits Funds. These funds are customized to fit individual needs, values, and risk preferences.
Supporting the UAE government’s goal of nurturing a competitive labour market, this Savings Scheme is part of an initiative by the Ministry of Human Resources and Emiratisation (MOHRE) and has been sanctioned by the Securities and Commodities Authority (SCA).
The scheme was introduced under UAE Cabinet Resolution No. (96) of 2023 and Ministerial Resolution No.668 of 2023, providing an alternative voluntary savings option for private sector employers and employees, including those in free zones.
