First Abu Dhabi Bank (FAB) has secured preliminary approval to offer UAE-based companies access to its FAB End of Service Benefits (EOSB) Funds, a program designed to help employees grow their end-of-service benefits through the newly introduced government Alternative EOSB Savings Scheme.
Under this initiative, participating employers can contribute basic and additional voluntary payments on behalf of their employees into customized FAB End of Service Benefits Funds. These funds are tailored according to the specific financial needs, values, and risk tolerance of individual employees, allowing them to accrue benefits that go beyond traditional end-of-service packages.
The Savings Scheme is part of a broader government initiative aimed at enhancing the UAE’s labor market competitiveness by providing employees with alternative, flexible financial benefits. The program has been endorsed by the UAE’s Ministry of Human Resources and Emiratisation (MOHRE) and received regulatory approval from the Securities and Commodities Authority (SCA).
The scheme aligns with UAE Cabinet Resolution No. 96 of 2023 and Ministerial Resolution No. 668 of 2023, which outline a framework for a voluntary savings option for private sector employers and employees throughout the UAE, including those operating in free zones. By offering an opportunity for companies to invest in the financial future of their workforce, the initiative also aims to attract and retain skilled talent across sectors.
FAB’s EOSB Funds will be accessible to employers willing to participate in the scheme, enabling them to make structured contributions on behalf of employees. These contributions are deposited monthly, with both mandatory basic payments and optional voluntary contributions adding to each employee’s fund. The funds provide a structured savings mechanism that has been designed to foster long-term financial stability, with a variety of investment options available to align with employee risk preferences.
The program comes as part of the UAE’s strategy to strengthen the employment market by offering enhanced benefits that are attractive to both domestic and international talent. The alternative end-of-service savings scheme is intended to provide a sustainable financial cushion for employees, reflecting the UAE government’s commitment to developing a more robust and competitive employment environment.
FAB has been an advocate for employee-centric financial products, and its involvement in this scheme demonstrates the bank’s commitment to aligning with government initiatives aimed at social and economic growth. The bank’s EOSB Fund will be monitored and regulated in compliance with SCA guidelines, ensuring transparency and reliability for all participating companies and their employees.
This move also reinforces FAB’s position as a leader in the UAE’s financial sector, offering innovative solutions that align with the government’s vision for a prosperous, competitive, and inclusive labor market. With this scheme, employees across various industries will have the opportunity to bolster their financial security as they prepare for life beyond their professional careers.
