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Jahangir Aka, head of SEI Investments Middle East, provides fiduciary management services to companies in the region. Here he talks about how to calculate a gratuity and why it is so important.
End of service gratuity (Gratuity) is a key benefit for non-national employees working in each of the GCC countries. Both Federal Law No 8 of 1980 on the Regulation of Labour Relations (as amended) (UAE Labour Law) and DIFC Law No 4 of 2005 (as amended by DIFC Law No. 3 of 2012) (DIFC Employment Law) set out a formula for calculating Gratuity and contain specific provisions providing for reduction of the entitlement in certain circumstances. However, how to calculate Gratuity and what rate of accrual should be adopted is often not clear cut. Here, we examine some of the more intricate factors.
A new French law that appears to require pension fund trustees to report to France’s tax authority on UK personal pensions that have French tax-resident beneficiaries is causing confusion among financial advisers and pension fund administrators.
Multinational corporations increasingly are looking to international defined contribution plans to cover large populations of local employees in key markets where domestic retirement plan options don't exist or offer poor value.
Only 10% of non-resident Indians (NRIs) living in the United Arab Emirates have invested in a pension, according to research from Standard Life.
The savings and investments company said it studied the saving, spending and investment behaviour of nearly 300 NRIs across the UAE in order to compile its NRI Wealth Study.
Embassies and the Labour Department have been receiving scores of complaints from employees about their companies’ reluctance or even refusal to pay the end of service benefits and gratuity, according to sources.
LONDON – Monday 25 February 2013 – Thirty-three new International Pension Plans (IPPs) have been established in 2012, according to a Towers Watson survey of multinational employers, bringing the total number of IPPs managed by the responding employers to 403. The company’s latest International Pension Plan survey, now in its fifth year, also indicates that IPP’s are being developed within multi-country pension frameworks, including Pan-European structures, known as Institutions for Occupational Retirement Provision (IORP’s).
The Financial Services Association UAE (FSA-UAE), a non-profit trade body for the financial services sector, has devised a five-year strategy designed to improve the efficiency of the financial services sector in the UAE.
A Qualifying Non-UK Pension Scheme (QNUPS) is a retirement planning vehicle that offers flexibility and the potential for substantial growth in order to provide for both your future and that of your family.
During a Parliamentary debate on the government's benefits cap, the South Shields MP said cutting pensions tax relief further would save the government more money and take from wealthier people than holding benefits at the same level as wages.