Two companies approved to operate it.. “Human Resources and Emiratisation” announces the start of activating the “savings system” for “private” employees

The Ministry of Human Resources and Emiratisation and the Securities and Commodities Authority announced the approval of Lunet Capital and Daman Investment as the first savings funds to start operating the optional alternative system for end-of-service gratuity (the savings system).
This comes in accordance with the approval of the joint committee of the Ministry and the Authority on the two companies’ requests after ensuring that they have met all the documents and regulatory requirements in addition to their compliance with the specified standards and conditions. The approval will allow the two companies to start launching two savings funds for end-of-service benefits, including capital protection alternatives and compliance with the provisions of Islamic Sharia, as well as signing agreements with companies and accepting voluntary subscriptions, within strict standards and obligations applied by the two funds.
The Ministry stated that companies can submit applications to register their employees in the “Savings System” by contacting “Lunate Capital” through the website www.lunate.com and on the number 026927213 or via the email [email protected]. Applications can also be submitted by contacting “Daman Investment” through its website www.daman.ae, or by contacting the number 046109666 or via the email [email protected].
The ministry and the authority said in a joint statement issued today: “Lonnet Capital and Daman Investments have been granted final approval to launch the ‘End of Service Reward Savings Programme for State Employees’ as they are leading financial companies with a great reputation and extensive experience in managing investment funds, which enhances the efficiency of implementing the ‘Savings System’ and the reliability of achieving positive benefits for workers and improving their financial situation.”
The statement explained that “the joint committee worked to implement a specific mechanism to accelerate the implementation of the decision of the optional alternative system for end-of-service gratuity, and to decide on the requests of companies wishing to establish investment funds for the system, based on reliable regulatory standards and requirements that ensure efficiency, reliability and integrity in providing the service.”
The joint mechanism, according to the statement, depends on companies obtaining, after submitting their applications, the accreditation or initial approval from the Ministry of Human Resources and Emiratisation, to begin the procedures for obtaining the final license for the savings program from the authority after submitting the necessary documents that confirm the completion of the application and the fulfillment of the conditions and standards for establishing end-of-service gratuity investment funds.
The statement added: “The committee was keen to ensure that the founders of the approved savings funds have the readiness, financial suitability and experience,” which enhances the efficiency of implementing the “savings system,” and confirms the sustainable economic impact it achieves for service providers, and the high level of social responsibility environment in the country.
The Ministry of Human Resources and Emiratisation has launched a special page on its official website for the “Savings System”, which is updated periodically and contains details of all approved savings funds and registration mechanisms.
The “Savings System” aims to invest the financial amounts allocated for the end-of-service gratuity for private sector workers in investment funds approved by the Ministry and the Authority with the aim of developing the workforce’s savings and benefiting from and achieving the greatest benefit for them from their investment returns, which will enhance the economic impact of the employer and the worker and support the economic system in the country.
The “Savings System” ensures that workers benefit from investing the financial amounts of the end-of-service bonus, and achieve additional financial benefits from them by investing their savings in a safe manner to guarantee their rights and achieve the stability of their families, as it supports the activities of facilitating business and attracting and retaining talents, in addition to benefiting from the strong infrastructure of investment funds and service providers in the system licensed to manage the end-of-service benefits of workers, and the ability of employers to focus on commercial activities, development and building capital instead of operational matters in managing and disbursing end-of-service bonuses, which contributes to raising the job loyalty of workers, increasing levels of satisfaction, and productivity at work by ensuring their interests and preserving their financial entitlements.
The Ministry called on all private sector companies to benefit from the advantages and facilities provided by the system.