AXA Green Crescent Insurance Company P.J.S.C. (GCIC) has launched a first-of-its-kind locally developed workplace savings product designed to support employers in driving improved financial wellness amongst their employees in an effort to close the UAE’s worrying retirement savings gap.
The Employee Secure Saver product has been developed specifically for the UAE market, offering companies the opportunity to provide for their employees a simple and transparent savings vehicle in line with those offered across the globe, backed by one of the world’s largest insurers. Employers may tailor the product to meet their precise needs, whether ringfencing end-of-service liabilities or as a mechanism to offer enhanced benefits as a differentiator in the employment market.
Unlike other alternatives available in the UAE, the Employee Secure Saver includes a market-leading guaranteed investment option provided by AXA Group that offers full protection of a participant’s capital and past gains. This has been designed to meet the requirements of the general population, which studies have shown is often risk averse when it comes to investments.
Commenting on the product launch, Mohamed Seghir, Chief Executive Officer of AXA GCIC, said: “Many in the country remain unaware that end-of-service benefit in the UAE is unlikely to be sufficient on its own for retirement - a life goal that requires careful planning. At the same time, the duration of expatriate stays in the country are increasing with minimal provisions made for pensions in most cases. Our Employee Secure Saver is designed to help address this gap between required savings and what the end-of-service benefit provides.”
The product also includes a range of investment funds alongside a Sharia compliant fund range to meet the needs of those employees with a greater risk appetite or a wish to invest in accordance with Islamic principles.
David Howard, Senior Strategy Manager of AXA GCIC, said: “The future of the current defined benefit model has been on the minds of many in the UAE since the landmark announcement that the DIFC Employee Workplace Savings Plans (DEWS) will replace end-of-service benefits paid by employers. Rather than bring in a global solution pushed into multiple markets around the world, we at AXA GCIC have designed the Employee Secure Saver to reflect local conditions in the UAE, provide a solution to close the gap between retirement savings and end-of-service-benefits and encourage employee retention. We stand poised to provide bespoke solutions to firms, while at the same time supporting employee wellbeing and encouraging financial literacy.”
AXA GCIC’s life insurance products are fully validated by the Central Bank of the UAE and are in line with the life insurance regulations introduced in 2020.
For more details on Employee Secure Saver or to register for AXA GCIC’s “The changing retirement and end-of-service benefit landscape” webinar on Thursday 27th May at 11am, please visit https://www.axa.ae/group-savings
© Press Release 2021
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