Simplify Payroll Administration with Vurke: Meet DEWS Compliance Requirements Effortlessly
Confused about the new DEWS (DIFC Employee Workplace Savings) plan? Vurke makes navigating its intricacies a breeze. This guide explains everything you need to know about employer contributions, voluntary options, and fees, helping you ensure seamless compliance and employee satisfaction.
Key Information:
Mandatory Employer Contributions:
Rates vary based on service tenure (5.83% for <5 years, 8.33% for 5+ years).
Contributions cover future end-of-service benefits for eligible employees.
Vurke streamlines calculations and payroll deductions.
Voluntary Employee Contributions:
Employees can add extra savings via salary deductions.
Contributions invested in chosen DEWS funds for potential growth.
Vurke facilitates convenient deductions and investments.
Changes for Employers:
Vurke simplifies system adjustments for:
- Mandatory contribution processing
- Voluntary deduction facilitation
- Monthly contribution file uploads
- Fund transfers to the DEWS master trustee
Easy online tracking of contributions, investments, and withdrawals.
Additional Benefits:
Clear & Transparent Fees: Vurke outlines the complete fee structure (1.26% – 1.33%) clearly, with no hidden costs.
Automatic Exchange of Information (AEI) Support: Vurke guides you through the DEWS AEI requirements and self-certification process.
Fund & Investment Flexibility: Employees can switch between investment funds within DEWS based on their risk tolerance, with Vurke providing guidance.
Leaves & Withdrawals:
Benefits Paid Upon Leaving: Vurke ensures smooth benefit payouts directly to employees’ bank accounts or through deferred investment options.
Clear Withdrawal Rules: Vurke clarifies current limitations on voluntary contribution withdrawals during employment but keeps you updated on potential future changes.
Employment Law & FAQs:
Reasons for Change: Vurke explains the shift from defined benefit to defined contribution plans and its advantages for employers and employees.
UAE/GCC Nationals Exemption: Vurke clarifies which employee groups are exempt from DEWS participation and the options available to them.
End of Service Gratuity (EoSG): Vurke outlines the three choices employers have regarding accrued EoSG before the changeover date.
Exemptions & Eligibility: Vurke details eligibility criteria and exemptions related to DEWS participation and benefits.
Navigating DEWS doesn’t have to be complex. Vurke’s expertise and user-friendly platform ensure effortless compliance, informed investment choices, and a positive employee experience. Contact Vurke today to simplify your DEWS implementation and unlock its full potential!
