Gratuity management is designed to be an end of service payment provided to an employee upon leaving as an enforced method of saving. Finsbury Associates Corporate can help you and your employees maximise this investment.
Finsbury Associates Corporate strongly suggests putting money aside on a monthly basis and setting up a gratuity management system which can benefit both the company and employees. By implementing this system companies simplify their gratuity process and reduce costs by keeping up with salary increases.
How Finsbury Corporate can help
Mandatory gratuity payments
Gratuity payments are mandatory within the UAE and after 5 or more years of service, an employee is entitled to full gratuity pay based on 30 days salary for each year of work in UAE. There are specific laws surrounding gratuity pay and further information on gratuity can be found within the labour law in the UAE.
How do companies manage and save for gratuity?
What’s the best way to do it?
- Companies can save cash for gratuity payments and leave this in a reserved bank account.
- Companies can choose not to save the money and pay for it instead out of capital reserves.
- The cost of running a gratuity management scheme is an annual management charge of the total fund value.
Finsbury Associates strongly suggests putting money aside on a monthly basis and setting up a gratuity management system which can benefit both the company and employees. By implementing this system companies simplify their gratuity process and reduce costs by keeping up with salary increases.
Increase employee retention
Studies have shown that gratuity benefits can significantly increase employee retention.
What Our Clients Say
I worked with Finsbury Associates finalizing a corporate medical insurance plan and they were amazingly helpful and guided me through the whole process without me having to panic as it was quite last minute. They have always been very professional and have gone that extra mile to make the client feel that they are getting the best service.
Finsbury Associates came recommended to us two years ago. They are absolutely amazing to work with and have made the very difficult medical insurance process a breeze. I have been tremendously impressed with their excellent customer service, quick response rate and complete care for their clients' wants & needs. It is rare to come across a service provider that ticks all the boxes.