EK Provident Fund Rumor

[Kapitanleutnant]

Gents,

This may be old news but I had just heard this last week while on a trip. I had my other seater tell me he's hearing a rumor from his countrymen that EK is about to give our Provident Fund over to the Gov't of Dubai to be run since they need cash in a bad way.

AND....

... that the 7 year time period for receiving all retirement will increase to 15 years???

Has anyone heard of this or is this just one of those continuing rumors over the years?

K

[thefoxandfirkin]

Absolute tosh. The funds are held in the Isle of Man by independent trustees, Equiom. It's not up to the Dubai government or the company to give the money over.They do not have authority to overrule IOM law. This ones been doing the rounds ever since the credit crunch started and I asked the trustees this question myself directly in 2009 when I first heard it.

:E for fox sake have a firkin beer

[777boyindubai]

Fox is right on this one. I think the people who set this up read the writing on the wall. Our friends can't get their grubby mits on it. Nor can they unilaterally change the length of service required to obtain full payment of the EK contribution. However, I reckon that this was one of the first places that they looked. Instead of Keep Discovering, Keep OUT! :=

[parabellum]

Gulf Air tried to 'give' the company provident fund to the Bahrain Government back in the mid seventies, didn't happen, the trustees, (Lloyd Brickhill), demanded and got, under the law, the fund closed and paid out to individuals, I bought a new Mazda 929!

[EGGW]

Tosh, like others have stated. Have spoken myself in this regard with Mondial etc....

I think we shall close this one, serves no use.

EGGW