FAB End of Service Benefits Funds granted initial approval from MOHRE, SCA

emirates7 - First Abu Dhabi Bank (FAB) has received initial approval to offer the FAB End of Service Benefits Funds to UAE-based companies, allowing employees to enhance their end-of-service benefits through the new government-backed Alternative EOSB Savings Scheme.

Under this scheme, participating employers will make monthly contributions, both basic and voluntary, into the FAB End of Service Benefits Funds, which are customized to meet individual needs, values, and risk preferences.

The initiative supports the UAE government's goal of strengthening the labor market’s competitiveness. The Savings Scheme is part of a broader effort by the Ministry of Human Resources and Emiratisation (MOHRE) and has been approved by the Securities and Commodities Authority (SCA).

Launched under UAE Cabinet Resolution No. (96) of 2023 and Ministerial Resolution No. 668 of 2023, the scheme introduces an alternative voluntary savings option for private sector employers and employees, including those in free zones.

FAB Asset Management has been chosen as a strategic partner by both MOHRE and SCA to implement the new Savings Scheme.