UAE: new scheme to combine end-of-service rewards for Emiratis taking on new jobs has been revealed
In the event of a job change, Emirati personnel will be able to combine their total service years according to a new project that was unveiled on Monday. When they start a new work, they have the option to combine their end-of-service benefits and gratuity from their prior position without incurring any additional expenditures.
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Shourak, an Arabic word that meaning "preference," was introduced by the General Pension and Social Security Authority (GPSSA), and it will go into effect on July 1 of this year. When an individual's employment expires, they become eligible for end-of-service benefits. With Shourak, they have the option to forgo receiving this money and instead carry it over into their new position.
The project's goal is to develop incentives that will encourage more covered people to utilise the retirement system. Options that support a "decent futuristic lifestyle and financial sustainability" are made available to them. Additionally, it makes it easier for Emirati employees to transition between jobs, enabling them to take advantage of the best opportunities.
According to the GPSSA, "The Shourak... supports citizens working in the public and private sectors by simplifying the processes to enlist until the end of the period of service that qualifies them to obtain their retirement pension."
The GPSSA has launched its first "transformational project" with this one. Shourak is a party to a performance contract that was established for federal and governmental entities last year.
The result-oriented performance agreements, which were signed in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, reflect high-quality initiatives that boost the country's competitiveness.