Employee Benefits in the UAE

 

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2.8 Star Rating for report Employee Benefits in the UAE
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Pages: 44
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Abstract

 
The United Arab Emirates (UAE) has undergone a huge transformation following the discovery of oil in the 1950s, going from a poor region to a contemporary state with a high standard of living. The country, however, only provides social security benefits to UAE nationals. The country does not have a social security system comparable to those that expatriates from other countries have access to. Expatriate employees and employers of an expatriate are not required to make contributions to any social security scheme. The country's social security system is governed by the Pension and Social Security Federal Law. The General Pension and Social Security Authority (GPSSA) and Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) are both responsible for social insurance and pension benefits in the UAE. Individuals can also voluntarily participate in private benefit plans. 

Description

The report provides in-depth industry analysis, information and insights of the employee benefits in the UAE, including:
o Overview of the state and compulsory benefits in the UAE
o Detailed information about the private benefits in the UAE
o Insights on various central institutions responsible for the administration of the different branches of social security
o The regulatory framework and recent regulations relating to UAE employee benefits

 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2014-11-05 

Report: Employee Benefits in the UAE

 

Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in the UAE
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Short-term Sickness Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Typical employer practice
6.4.5 Employee and employer contributions
6.5 Workmen's Compensation
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.6 Maternity and Paternity Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Typical employer practice
6.6.5 Payment options
6.6.6 Employee and employer contributions
6.6.7 Taxation
6.7 Minimum Resources
6.7.1 Social welfare
6.7.2 Housing allowances
6.8 Annual Vacations
6.8.1 Introduction
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical and Health Benefits
7.6 End of Service Benefit
7.7 Absher Initiative
7.8 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP split by key sector
8.1.6 Inflation rate
8.1.7 Household consumption expenditure
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer
 

List of Tables

Table 1: Definitions
Table 2: UAE - Country Statistics
Table 3: UAE - Retirement Benefits
Table 4: UAE - Gratuity Benefit
Table 5: UAE Long-term Disability Benefits - Partial Disability
 

List of Figures

Figure 1: UAE GDP at Constant Prices (US$ Billion), 2008-2012
Figure 2: UAE GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 3: UAE GDP at Current Prices (US$ Billion), 2008-2012
Figure 4: UAE GDP Per Capita at Current Prices (US$), 2008-2012
Figure 5: UAE GDP by Key Sector (%), 2008-2012
Figure 6: UAE Inflation Rate (%), 2007-2013
Figure 7: UAE Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 8: UAE Total Population (Million), 2008-2012
Figure 9: UAE Size of Labor Force (Million), 2008-2012
Figure 10: UAE Urban and Rural Populations (%), 2008-2012
 

Scope

This report provides a detailed analysis of employee benefits in the UAE:
o It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
o It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, short-term sickness benefits, medical benefits, workmen's compensation, maternity and paternity benefits, minimum resources, annual vacations and private benefits
o It highlights the economic and regulatory situations relating to employee benefits in the UAE

 

Highlights

o The UAE social security system provides benefits to UAE nationals only
o Expatriate employees and employers of an expatriate are not required to make contributions to any social security scheme
o All full time employees in the UAE can voluntarily participate in private benefit plans
o Individual savings policies and group savings policies are two kinds of private benefit plans that are available in the country, whose purpose is to provide simple retirement plans with accumulated investment earnings, vesting and flexible retirement options



 

Classification

Language Code: EN 
Region: United Arab Emirates 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 44 

Reasons to buy this report

o Make strategic decisions using in-depth information related to the UAE employee benefits
o Assess the UAE employee benefits market, including state and compulsory benefits and private benefits
o Gain insights into the key employee benefit schemes offered by private employers in the UAE
o Gain insights into key regulations governing the UAE employee benefits, and their impact on companies
 

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Employee Benefits in the UAE

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Regional Information

Taxonomy

Branch ID: 1339

Taxonomy Location

The taxonomy on the left shows the ancestors of the United Arab Emirates node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

United Arab Emirates

The United Arab Emirates (UAE) consists of a federation of 7 emirates: Abu Dhabi, Dubai, Sharjah, Umm al-Qaiwain, Fujairah, Ajman, and Ra’s al-Khaimah. A small country, it is located in the Middle East on the Persian Gulf. Predominantly a desert terrain, it has developed an advanced infrastructure and an improved education system over the years. There are concerns about basic human rights issues such as freedom of expression and association.

A high-income country, it ranks 23rd in the “Ease of Doing Business” IFC/World Bank rankings.  The UAE’s main exports are oil (crude and refined), natural gas and gold. Its key trading partners are India, Japan and China.

While the UAE, particularly Dubai, was hit badly by the 2008-9 global recession, it has recovered well.  In 2013, the UAE’s economy grew by 4.4%, primarily generated by the non-oil economy, specifically the real estate sector. This indicates successful diversification from oil-based revenues.

Researchandexperts.com is a leading source of market research on United Arab Emirates.

 

World Bank and United Arab Emirates-- http://data.worldbank.org/country/united-arab-emirates

OECD and United Arab Emirates-- http://www.oecd.org/countries/unitedarabemirates/

United Arab Emirates and the IMF-- http://www.imf.org/external/country/ARE/index.htm

http://www.doingbusiness.org/data/exploreeconomies/united-arab-emirates/

https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html

United Arab Emirates

Middle East

Region

 

Asia

Continent

Asia

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 381

Taxonomy Location

The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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