Unpredictable markets, economic uncertainty and job insecurity in many sectors due to COVID-19 have reinforced the importance of protecting employee savings in new and flexible ways. At the same time, there is ever-greater appetite for digital tools that make it easier and more transparent for individuals to control their financial future.

As a workplace savings scheme to meet end-of-service benefit liabilities and help employees save, the DIFC Employee Workplace Savings (DEWS) Plan has turned out to be a timely initiative since its launch in February 2020.

In particular, the current economic environment underlines the value of DEWS for 1,100-plus DIFC companies and more than 18,000 employees.

Given the impact of the pandemic on businesses globally, employers can find themselves financially challenged when they have to pay lump-sum benefits to employees who are leaving the organisation.

No matter the size of the business, the insolvency of a company not enrolled in a plan like DEWS might result in employees not getting their end of service benefits paid or paid in full.

By contrast, for companies that have enrolled into DEWS, the plan ensures that all contributions by the employer are held in a Trust with the Master Trustee, Equiom, on behalf of the employees, and is fully paid out when the employee leaves the employer. That protection is extended to the historical accrued gratuity pots, if these were transferred into the plan. In short, the DEWS Plan has:

– Ensured the security of end-of-service gratuity benefits for employees

– Helped employees get access to a low-cost savings solution that also

allows them to make voluntary contributions through salary deductions

– Aided employers in smoothing their cash flows through regular

contributions, and reducing the financial burden of making unplanned,

lump-sum payments

– Equipping all parties with the tools to achieve their financial goals

A digital silver lining – new app for DEWS members

To enhance the relevance and user-friendly nature of the scheme, Zurich Workplace Solutions (Middle East) Limited has teamed up with Smart, the organisation that powers the Smart Pension Mastertrust in the UK, a global technology provider transforming financial well- being across all generations, to launch the Zurich for DEWS App in the UAE.

The app, developed by Smart and fully customised for DEWS, provides members with a simple, quick and hassle-free digital way to manage their workplace savings accounts.

Along with creating much-needed transparency over these investments, the app responds to emerging appetite for contactless solutions and seamless experience across multiple channels.

Key features for members using the app include:

– Access to their DEWS account from anywhere, at anytime

– Ability to see their latest account value, contribution history and monitor

their investments

– Ability to manage their investments and switch their strategies to suit their

risk appetite

– Facility to nominate beneficiaries

“When we launched the DEWS plan, we had made a commitment to continually enhance our service offering such that employers and members find the day-to-day interactions easy, intuitive and hassle-free. We want to take away some of the barriers that detract people from making regular savings, and help our members prepare for a secure financial future. The Zurich for DEWS app is the next step in that journey towards financial freedom” says Reena Vivek, Senior Executive Officer of Zurich Workplace Solutions (Middle East) Limited.

“ This partnership really illustrates what’s now possible in retirement technology and we are immensely proud of the end result. It’s the first of its kind and was created to provide a smooth and simple customer journey, while simultaneously bringing long term savings into the 21 st century” adds Will Wynne, Group MD, from Smart.