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.

DIFC – Dubai

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!

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