In its latest initiative to boost worker welfare, the UAE’s Ministry of Human Resources and Emiratisation (Mohre), the country’s top authority for labour management, launched the ‘Labour Saving Program’, or Tharaa – in collaboration with National Bonds Corp, a sharia’a-compliant saving and investment company – as part of the Ministry of Happiness’s National Happiness and Positivity Program on Labour Day, which is celebrated around the world on 1 May.
Their collaboration will give labourers in the UAE an option to build their financial stability through monthly fixed deductions during the entirety of their stay in the Emirates.
The amount – which labourers must voluntarily contribute – will be deducted directly from their Wages Protection System (WPS).
Tharaa will also provide benefits such as annual profits and micro-financing facilities through third-party tie-ups, as well as offer access to National Bonds’ rewards programme.
Workers subscribed to the programme will also be able to participate in National Bonds’ million-dirham prize draw, held every quarter, and its monthly draws that, at various intervals, offer two cars or the equivalent of $27,225 (AED100,000); a cash prize of $2,722 (AED10,000); and 40,000 prizes worth $14 (AED50) each.
Additionally, 50 workers subscribed to Tharaa will benefit each year from Takaful services, which protect them in the event of work-related deaths or injuries.
Automated kiosks at 38 of Mohre’s Tawjeeh Centres, located across the UAE, will support Tharaa’s processes.
Benefits due to be launched in the future include a complimentary quarterly money transfer services and a labour loyalty programme.
Commenting on the initiative, National Bonds’ chief executive officer, Mohammed Qasim Al Ali, said he was proud to launch Tharaa in partnership with Mohre.
He added: “The 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.”
According to Ministerial Decree No. 739 of 2016 Concerning the Protection of Wages, all employers registered with Mohre must subscribe to WPS, and pay their employees through the system on due dates. [Read about the decree here]
As the UAE Government’s official website explains through data last updated on 3 March, 2019, WPS allows for salaries to be transferred into workers’ accounts – be it in banks or financial institutions – that are authorised by Central Bank of the UAE.