National Bonds, MOHRE launch saving scheme for labourers
DUBAI, May 1, 2019
The UAE government has signed a strategic agreement with National Bonds, the leading Sharia-compliant saving and investment company, to launch its new Labour Saving Programme (Tharaa) initiative.
The laborer in UAE is the creator of foundations, the thread that holds together the social fabric, and the one who is impacting the domestic economy and its development. Thus, he deserves special attention and privileges awarded by the UAE Government, said a satement from Ministry of Human Resources & Emiratisation (MOHRE).
The attention paid by the leadership is notable as it recognises laborers’ rights and ensure that laws are in place and being regulated by various bodies and ministries, such as the MOHRE, which is working to ensure laborers’ happiness, convenience and rights.
In keeping with MOHRE’s efforts, Tharaa was launched under the National Happiness and Positivity Programme of the Ministry of Happiness.
Tharaa’s launch occurs ideally in conjunction with the global and local celebration of Labor Day, emphasizing MOHRE’s constant efforts to provide laborers with the best services and competitive earnings, in order to achieve the highest level of happiness. This, in turn, is reflected in the Happiness Index for the UAE, as a whole, said the statement.
Tharaa is aimed at enabling labourers to build a financially stable future through monthly fixed deductions directly from their Wage Protection System (WPS), the amount of which is voluntarily contributed by the laborer throughout the duration of his/her stay in the country.
The laborer shall also have several benefits, annual profits, micro-financing facilities through third party tie ups and entry into National Bond’s generous rewards program.
This allows the laborer the chance to win several rewards including a million-dirham every quarter, in turn enabling him to create a happy and secured future.
The savings initiative, Tharaa, is supported by automated kiosks at thirty-eight of MOHRE’s Tawjeeh Centers, spread across the Emirates.
They will be also eligible to participate in additional program benefits and awards, which amount to more than Dh37 million. These rewards are distributed on a monthly and quarterly basis to local and expatriate employees working in the private sector, said the statement.
The most prominent of these awards is the quarterly one million prize draw. This draw is divided into two parts: the quarterly one million prize draw for UAE locals, and the same for expatriates.
UAE locals and expatriates can also participate in the monthly draw for two cars or their equivalent of Dh100,000, two monthly draws for a cash prize of Dh10,000 and 40,000 prizes of Dh50 each distributed monthly.
Furthermore, 50 savers will benefit yearly from Takaful services that protect them in the event of work-related death or injury.
In addition, more benefits will be provided including a complimentary quarterly money transfer service; a labor loyalty program, which will be launched in a later phase it stated.
On the novel scheme, National Bonds CEO Mohammed Qasim Al Ali said Tharaa come as part of the development of innovative programs and products to enhance financial happiness and strengthen the UAE's position as one of the best countries to live, work and invest in.
"This initiative will help employers and workers develop quick and practical plans for better financial health, and contribute to their families’ welfare and thus enhance their productivity," he added.-TradeArabia News Service
