Dubai, UAE. 06 February 2013 - Over half (56%) of UAE employees are worried about their future financial state amidst concerns over their ability to retire with a sufficient income, according to research from global professional services firm, Towers Watson. The Global Workforce Study (GWS), a survey of 32,000 employees worldwide including over 1,000 UAE workers, also found that over half (53%) of UAE workers claim that retirement security has become a higher priority for them over the past three years, rising to over two-thirds (67%) for workers aged over 40.

According to Towers Watson's GWS, UAE workers are beginning to question the feasibility of their expected retirement age with a third (33%) now anticipating they will retire later than they previously thought and just 16% believing they will retire earlier than expected. Furthermore, just over a third (37%) are confident they will have sufficient financial resources to live comfortably for 15 years into their retirement and only a third (33%) believe this is the case for 25 years of retirement.

The study also found that less than half (46%) of employees feel comfortable in managing future retirement income needs, with five out of ten employees indicating they would be willing to pay a higher amount from their pay each month to ensure a guaranteed retirement benefit.

Billy Turriff, business leader for Data, Surveys and Technology, at Towers Watson Middle East, said: "In the current business environment, few employees appear confident of being able to retire comfortably from full-time employment. A majority of the employees report a lack of foresight and planning in their pensions and savings, causing them to postpone their eventual retirement date. This has a knock-on effect throughout the economy, potentially shrinking career opportunities for the next generation of employees and job seekers.  

"However, with more employees seriously looking at their retirement planning options, employers can take advantage of this more engaged audience by highlighting the value of the retirement benefits they provide."

For more information or to download a copy of Towers Watson's Global Workforce Study, please visit www.towerswatson.com.

About the Study:
The Towers Watson Global Workforce Study covers over 32,000 employees selected from research panels that represent the populations of full-time employees working in large and mid-size organisations across a range of industries in 29 markets around the world.  The study is designed to help companies better understand their diverse employee segments and the factors that influence employee performance on the job by gauging changing attitudes that affect attraction, retention, engagement and productivity.

About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of employee benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.com.

Media Contacts:
Susan Parker
Ketchum Raad Middle East
Susan.parker@ketchum-raad.com
+971 4 425 8975

Priscilla Stanley
Ketchum Raad Middle East
Priscilla.stanley@ketchum-raad.com
+971 4 425 8978 

© Press Release 2013