Originally Posted by
5strypes
Can anyone shed some light on how the pension works? Are there restrictions on where you can love to claim it during retirement? Is it 12% and company match that? Apologies, I'm somewhat clueless on this front.
Funds are held offshore, managed by Willis Tower Watson. Company contributes 12% you contribute 5% of your salary compulsory. You can increase your contributions, company does not match that. Only after 10 years service company contributes 15%. Once you leave EK, money is released back to you after company gives ok that any pending dues have been settled (ie. a bond, company accomodation back to original condition etc etc). Even your bank will have to give ok for the release if you got debts with UAE Banks.
If you leave prior to 3 years you get no company contribution money. Between 3-5 you get 75%. After 5 years you get 100%. In all cases you get your own contributions back. The company portion could be arguably withheld/never given to you in extreme cases like dismissal.