Oman Insurance Company and Generali Global Pension have joined forces to offer a group savings and retirement insurance plan specific to the needs of UAE companies.
GO Saver aims at supporting employers to manage their end of service gratuity (EoSG) liability with a 100% capital protection option.
It is a solution for employers and their employees with investment choices, contribution flexibility, and online access to investment portfolios.
The plan also offers portability that allows members to carry their plan when they move to another country and opt to receive their proceeds in their new country of residence.
It ensures voluntary contributions by offering flexible payment methods, complimentary switches, profit booking, withdrawals and top ups.
”We have worked very closely with the Generali team to develop a unique proposition which gives employers an option to manage their end of service gratuity liability with a funded workplace savings insurance plan,” Jean-Louis Laurent Josi, chief executive of Oman Insurance, said.
“Our collaboration addresses a real growing need in the region for a solution that is secured yet evolves with the employee savings needs and employer retention objectives.”
Anne De Lanversin, chief executive of Generali Global Pensions, said: “This win-win proposition for everyone provides a capital protected solution along with access to a wide array of global and local investment solutions.
“I am confident of the quality and value GO Saver offers to our clients in the UAE market.”
In August, the Dubai International Financial Centre (DIFC) said it will roll out its Employee Workplace Savings (Dews) scheme from January 2020.
The move will see the centre shift from its current end-of-service gratuity offering, which is similar to a defined benefit system, to a defined contribution plan.