For the first time in the UAE, Oman Insurance introduces a comprehensive Workplace Savings and Retirement PlanOn the occasion of Labour Day, May 1st, Oman Insurance Company (OIC) has launched the UAE’s first Workplace Savings and Retirement Plan which helps employees to secure their future.
This new plan encourages employees to save and invest a percentage of their salary for their future. The plan also allows employers flexibility in determining eligibility and vesting conditions as well as matching contributions which are helpful in attracting and retaining staff. The new offering enables forward-thinking companies to incorporate Workplace Savings and Retirement Plan into their employee benefits offering.
The OIC Workplace Savings and Retirement plan is a fully integrated solution for employers and their employees with contribution flexibility, online access to their investment portfolio, international fund investment options and much more. The plan also offers portability that addresses changes to employment and/or residence of plan members.
Mr. Robert Pereira, OIC’s Chief Operating Officer said, “In the GCC, expatriates do not have a state pension scheme to rely on and the maximum end of service benefit is very limited. Life expectancy and disposable income continues to increase while saving options are limited and often costly. The need for a comfortable and financially independent retirement is rising. Our Workplace Savings and Retirement plan helps the employees to meet these goals.”
Speaking about the new product Mr. Patrick Choffel, OIC Chief Executive Officer, said “A company that invests in its employees is a company that becomes an employer of choice. The Workplace Savings and Retirement Plan is a new solution in the region that provides employers and their employees’ flexible and tailor made savings and investment opportunities. In the crowded UAE job market, employee quality and loyalty is becoming a rare commodity. Access to an intelligent, flexible and easy to use Savings and Retirement Plan will help attract the best candidates and enhance corporate performance. A joint contribution plan will allow CEO’s to improve employee retention and most importantly build a company that thrives to its full potential.”
“What we're bringing to the market is not just a product. It's a long-awaited solution to the concerns of employees, companies and the overall economy."