Overseas citizens who work in Dubai can benefit from health insurance and retirement funds, according to the rules and regulations in the UAE. Although there is no compulsory state contribution scheme in Dubai, nationals and foreigners are provided with the main benefits without having to pay for them. Our accountants in Dubai can offer information and details about the social security system in the UAE. Besides that, our accounting services in Dubai are the proper solution for your small or large company in Dubai.
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The social security system in Dubai
The social security in the UAE is stipulated under the Federal Law of 1986 and covers most working situations in the country. Companies registered in Dubai need to offer medical insurance and other benefits to every employee, and here we mention the following:
• medical care;
• maternity cover;
• unemployment help;
• disability benefit;
Overseas employees in Dubai are recommended to choose private medical insurances because they cannot benefit from the entire medical package as the nationals do. Authorities in Dubai are trying to convince the companies in the city to offer private medical insurance to their foreign workers without any financial obligations.
Retirement provisions for people who work in Dubai
Many international enterprises have their own pension schemes for foreign employees in Dubai, but it is recommended to continue paying for the home country pensions or to apply for a private retirement plan in the city. Besides that, it is good to know that expats who worked in Dubai for a certain period of time can receive a specific amount of money at the end of the contract, also known as the end-of-service benefit. For one year of work, the employee will receive one and a half salary.
Many enterprises offer this kind of benefits when recruiting people around the world. Besides that, the company is required to contribute with about 5% of the salary to the pension funds. From this retirement fund, the worker will receive a certain amount of money each month after he is retired. Besides offering details about the social security system, our accountants in Dubai can provide you with audits for your company in the city.
Healthcare insurance for overseas workers in Dubai
The UAE authorities introduced the necessary health insurance schemes for all nationals who have a job here. They can access hospitals and many important medical treatments without restrictions. Regarding the expats in Dubai, they can also receive medical treatments, including emergency aid, if their employers have settled private medical insurance for the entire period of the contract. There are still discussions on this matter and future healthcare schemes will be provided for expats who work and live in Dubai.
An audit firm in Dubai is exactly what you need to check and clarify the financial situation of the company. This approach is part of the accounting area and involves a series of important procedures. We, therefore, advise you to get in touch with our accounting specialists and discover the services offered in this regard. You will thus have the guarantee that the legislation is respected and that the procedures are correctly implemented.
Please feel free to contact our accounting firm in Dubai for additional information about the social security in Dubai.