Provident Fund payout practicalites
Anyone with recent first or secondhand experience of this?
Neither method on offer appears tremendously attractive. If you have been here long enough to remember a time when it was a good job, your payout will be anywhere from 2 to 4 million dirhams.
If you take it with your last check, what exactly can you do with it? If I understand correctly your salary bank account will have been closed by then. So? Run down to NBD at the Bouncy, take 3,000,000 in cash, port it across to the wicket at Rostamani to buy a wire transfer and hope for the best? Not tremendously tempting.
Or. Take it from the Trustees direct. A "3-5 week" delay waiting for 3,000,000 while, should anything with the transfer go even slightly off the rails you are 1)not an EK employee 2)not physically in Dubai 3)not an account-holder in the fund. Thin recourse. Not tremendously tempting.
Observations and recounted experiences greatly received.