EK Provident Fund
Joined: Mar 2005
Posts: 54
Likes: 0
From: Dubai
A subject close to my heart as I am thinking about quitting after just over 7 years here. Here's how it goes (I think!)
Up to ten year's service, Emirates pays in equivalent of 10% of your salary, you pay a mandatory 5% direct from your salary. After ten year's, company contributions rise to 12%. You can, of course, pay in any other amount above the 5% that you wish. You cannot withdraw any of the fund until you leave, except the additional contributions over and above your 5%. So donlt be surprised when you get your first pay check and 5% is missing! You get it back when you leave.
If you leave before three years service, you can withdraw your contributions only. 3-5 years you get 50% of the company’s plus all yours. 5-7 years gets you 75% of the company’s plus yours and then after 7 years service, it's all yours.
The downsides are the performance and the fact that it is regularly used as punishment for bad behaviour. After 7 years, my fund is now valued at US$129,000, which in pound terms is only about £70,000, after 7 years! So £10,000 grand a year for my services. Investing that in a pension schemem will net me about I did not pay any extra in and the fund was shared between the two fund managers in equities only.
It’s NOT a retirement fund, it is a Provident Fund and you have to make other arrangements if you are to retire financially secure from Dubai. Bearing in mind that Dubai sucks money from the weak, you have to be strong! Cut up those credit cards!
As a disciplinary tool, the list of pilots that have 'lost' the conpany's contributions for up to three years due to anything from having a brawl to speaking up at a meeting and to landing on a taxyway is pretty long.
Up to ten year's service, Emirates pays in equivalent of 10% of your salary, you pay a mandatory 5% direct from your salary. After ten year's, company contributions rise to 12%. You can, of course, pay in any other amount above the 5% that you wish. You cannot withdraw any of the fund until you leave, except the additional contributions over and above your 5%. So donlt be surprised when you get your first pay check and 5% is missing! You get it back when you leave.
If you leave before three years service, you can withdraw your contributions only. 3-5 years you get 50% of the company’s plus all yours. 5-7 years gets you 75% of the company’s plus yours and then after 7 years service, it's all yours.
The downsides are the performance and the fact that it is regularly used as punishment for bad behaviour. After 7 years, my fund is now valued at US$129,000, which in pound terms is only about £70,000, after 7 years! So £10,000 grand a year for my services. Investing that in a pension schemem will net me about I did not pay any extra in and the fund was shared between the two fund managers in equities only.
It’s NOT a retirement fund, it is a Provident Fund and you have to make other arrangements if you are to retire financially secure from Dubai. Bearing in mind that Dubai sucks money from the weak, you have to be strong! Cut up those credit cards!
As a disciplinary tool, the list of pilots that have 'lost' the conpany's contributions for up to three years due to anything from having a brawl to speaking up at a meeting and to landing on a taxyway is pretty long.
Joined: Apr 2005
Posts: 302
Likes: 40
From: Building Site
EKPilot,
I think EK contributes 12% up to 10 years, 15% after that.
Never heard that EK takes provident scheme as punishment, don't think they can do that because it's a contractual salary... don't you mean they take away the (lack of) profit share bonus?
All the rest seems correct.
MR8
I think EK contributes 12% up to 10 years, 15% after that.
Never heard that EK takes provident scheme as punishment, don't think they can do that because it's a contractual salary... don't you mean they take away the (lack of) profit share bonus?
All the rest seems correct.
MR8
