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First-of-its-Kind Golden Pension Scheme for Expats to Benefit Over 9,000 Taxi Drivers in UAE

by Prerna

February 21, 2023 24

The United Arab Emirates (UAE) has recently announced a groundbreaking pension scheme for expats, specifically aimed at taxi drivers. This first-of-its-kind scheme is expected to benefit over 9,000 taxi drivers in the country.

The “Golden Pension” scheme is being launched by the General Pensions and Social Security Authority (GPSSA) and the Dubai Taxi Corporation (DTC), with the aim of providing expat taxi drivers with a secure and stable retirement plan. The scheme will be funded by contributions from both the drivers and the DTC.

Under the scheme, participating drivers will be required to contribute a portion of their monthly income towards their retirement fund. The DTC will also contribute an additional amount on behalf of each driver, with the aim of ensuring that they receive a comfortable retirement income.

One of the key benefits of the Golden Pension scheme is its portability. Unlike other pension schemes in the UAE, which are tied to a specific employer or sponsor, the Golden Pension scheme can be carried over from one job to another. This means that drivers who move between different taxi companies, or who choose to leave the taxi industry altogether, will be able to take their retirement savings with them.

Another advantage of the scheme is that it is open to all expat taxi drivers in the country, regardless of their nationality or length of service. This is a significant step towards improving the welfare of migrant workers in the UAE, who often face limited options when it comes to retirement planning.

The Golden Pension scheme has been widely praised by experts and industry stakeholders for its potential to improve the financial security and wellbeing of expat taxi drivers in the UAE. It is expected to provide a much-needed safety net for a group of workers who are often overlooked and underappreciated.

The launch of the Golden Pension scheme is also a reflection of the UAE’s commitment to promoting financial inclusion and economic security for all members of society. By providing a secure retirement plan for expat taxi drivers, the country is sending a clear message that it values the contributions of all its workers, regardless of their occupation or background.

The Golden Pension scheme is just one of many initiatives that the UAE has launched in recent years to improve the welfare of migrant workers. In 2017, the country introduced a new labor law that granted more rights and protections to domestic workers, including mandatory days off, overtime pay, and the right to retain their passports.

The UAE has also launched a number of initiatives aimed at promoting financial literacy and education among migrant workers. These include financial literacy workshops, training programs, and awareness campaigns aimed at helping workers make informed financial decisions and improve their financial wellbeing.

Overall, the launch of the Golden Pension scheme is a positive step towards improving the welfare and financial security of expat taxi drivers in the UAE. By providing a secure retirement plan that is portable and open to all, the scheme is helping to ensure that all workers in the country have access to the benefits and protections they deserve. As the UAE continues to develop and evolve, it is important that it remains committed to promoting the welfare and wellbeing of all members of society, regardless of their occupation or background.