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This landmark appointment will see all DIFC-registered companies, with a combined total of more than 24,000 employees, contributing to an overarching end of service gratuity trust scheme. The DEWS Scheme will be mandatory for all organisations based within the DIFC, with the ability to opt out in only very limited circumstances. The scheme is due to launch in January 2020 with Equiom as the Master Trustee and Zurich serving as the administrator for the scheme.
Having provided similar services to corporations in the Middle East for more than 18 years and with four established offices in the UAE, Equiom is well placed to deliver a first class service to the overarching scheme within the DIFC.
Equiom’s Global Chief Executive Officer, Sheila Dean said: ‘The selection of Equiom as Master Trustee for the DEWS Scheme is a huge honour for us and testament to the capability of the team. Having spent many years myself working with Middle Eastern employers to provide employee incentives I am delighted to see the DIFC introduce a mandatory plan which will not only secure accrued benefits but provide a platform to enable growth and a longer term outlook.’
Steve Le Seelleur, Managing Director at Equiom Jersey added: ‘This is excellent news for Equiom. We have longstanding relationships with families in the Middle East and more specifically in the Gulf Cooperation Council (GCC) region where a number of our team are speaking at the Jersey Finance Women in Wealth Series this week. As a centre for excellence in succession planning and asset protection services, Jersey is well placed to serve this market and Equiom’s selection as Master Trustee only strengthens our credibility there. I am looking forward to building on our network in the GCC and across the Middle East, exploring all of the opportunities it has to offer.’
For more information on Equiom in the Middle East visit equiomgroup.com/middle-east
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