- The Program aims at enhancing happiness levels in the labor market
Dubai: The laborer in UAE is the creator of foundations, the thread that holds together the social fabric, and the one who is impacting the domestic economy and its development. Thus, he deserves special attention and privileges awarded by the UAE Government.
The attention paid by the Leadership is notable as it recognizes laborers’ rights and ensure that laws are in place and being regulated by various bodies and ministries, such as the Ministry of Human Resources & Emiratisation (MOHRE), which is working to ensure laborers’ happiness, convenience and rights.
In keeping with MOHRE’s efforts, the Labor Saving Program (Tharaa), under the National Happiness and Positivity Program of the Ministry of Happiness, was launched. This launch was made possible via a strategic cooperation agreement with National Bonds, the leading Sharia-compliant saving and investment UAE Company, with the goal being to improve the UAE’s competitive position within the realm of happiness and labor rights.
Tharaa’s launch occurs ideally in conjunction with the global and local celebration of Labor Day, emphasizing MOHRE’s constant efforts to provide laborers with the best services and competitive earnings, in order to achieve the highest level of happiness. This, in turn, is reflected in the Happiness Index for the UAE, as a whole.
Tharaa is aimed at enabling laborers to build a financially stable future through monthly fixed deductions directly from their Wage Protection System (WPS) , the amount of which is voluntarily contributed by the laborer throughout the duration of his/her stay in the country.. The laborer shall also have several benefits, annual profits, micro-financing facilities through third party tie ups and entry into National Bond’s generous rewards program. This allows the laborer the chance to win several rewards including a million-dirham every quarter, in turn enabling him to create a happy and secured future.
The savings initiative, Tharaa, is supported by automated kiosks at thirty-eight of MOHRE’s Tawjeeh Centers, spread across the Emirates.
They will be also eligible to participate in additional program benefits and awards, which amount to more than AED 37 million. These rewards are distributed on a monthly and quarterly basis to local and expatriate employees working in the private sector.
The most prominent of these awards is the quarterly one million prize draw. This draw is divided into two parts: the quarterly one million prize draw for UAE locals, and the same for expatriates.
UAE locals and expatriates can also participate in the monthly draw for two cars or their equivalent of 100 thousand dirhams, two monthly draws for a cash prize of 10 thousand dirhams, and 40 thousand prizes of 50 dirhams each distributed monthly.
Furthermore, 50 savers will benefit yearly from Takaful services that protect them in the event of work-related death or injury. In addition, more benefits will be provided including a complimentary quarterly money transfer service; a labor loyalty program, which will be launched in a later phase; National Bonds CEO, Mohammed Qasim Al Ali, expressed his pride in the partnership with MOHRE, including the launch of “Tharaa” Initiative, as part of the development of innovative programs and products to enhance financial happiness and strengthen the UAE's position as one of the best countries to live, work and invest in.
He pointed out that “the initiative will help employers and workers develop quick and practical plans for better financial health, and contribute to their families’ welfare and thus enhance their productivity”.
About National Bonds Corporation PSC
National Bonds, is a Sharia'a compliant saving scheme that provides UAE nationals, UAE residents and non-residents with a credible and safe savings opportunity. Minors can also own National Bonds, provided the bonds are purchased by the parent/guardian. Each bond costs AED10, with a minimum purchase option of AED100. National Bonds Corporation PSC announced an annual return up to 4% for 2018. The scheme has distributed an annualized rate of return of 52% since inception, which is a combined average of annual returns and prizes distributed till 2018. National Bonds is a unique savings scheme with a diversified client base, offering:
- Opportunity to win more than 40,000 prizes every month. These prizes include monthly and quarterly awards distributed to UAE nationals and residents in separate categories. The quarterly prize offers two participants the chance to win a million dirham award every first Sunday of the quarter. The monthly awards give two bondholders the chance to win AED10, 000 to two women bondholders, and AED 10,000 to two minor bondholders. In addition, regular savers have the chance to win 15 awards worth AED10, 000 every month. The monthly prizes also include give away cash awards valued at AED50 each. The awards are allocated to 4,000 women bondholders, 4,000 minor bondholders, 8,000 regular savers, and 24,000 awards for all individual bondholders.
- National Bonds can be purchased from nearly 1,700 outlets across the UAE, including The Sukuk Express through MBME - The Cube machines, Emirates Post offices, exchange houses and selected banks.
- National Bonds can also be purchased online at www.nationalbonds.ae
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© Press Release 2019