Emirates Provident Fund and Mondial
Join Date: Feb 2004
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Widebody
In basic terms, it's worth 5% mandatory deduction of your basic salary plus 12% company contribution. After 10 years service the company contribution increases to 15%.
There is a reduced rate option of 2.5% and 7% respectively but I don't know the details.
Overall value depends on all the usual things, fund choice, market performance etc.
If you leave before 7 years service, expect some fairly hefty deductions to the total.
H-D
In basic terms, it's worth 5% mandatory deduction of your basic salary plus 12% company contribution. After 10 years service the company contribution increases to 15%.
There is a reduced rate option of 2.5% and 7% respectively but I don't know the details.
Overall value depends on all the usual things, fund choice, market performance etc.
If you leave before 7 years service, expect some fairly hefty deductions to the total.
H-D
Last edited by helen-damnation; 25th Oct 2014 at 05:24.
Join Date: Aug 1998
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"If you leave before 7 years service, expect some fairly hefty deductions to the total"
Common misconception. If you leave before 7 years it is entirely possible that they will owe you MORE than what is in the A fund as they are bound to give you the legally-mandated EOSB. The "Provident" A Fund is merely a hedge against this eventual expense that they are exposed to by you and your career whims.
Common misconception. If you leave before 7 years it is entirely possible that they will owe you MORE than what is in the A fund as they are bound to give you the legally-mandated EOSB. The "Provident" A Fund is merely a hedge against this eventual expense that they are exposed to by you and your career whims.
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The B starts off as your money and stays your money - you will always get the full amount upon your departure.
That may sound like a plus but in fact it is hostage money, subject to outrageous fees and offered only in deadbeat funds. Additionally, if your future plans involve living anywhere the economy is not directly related to USD/AUD/GBP or Euro you have no opportunity to save prudently - your retirement plans are totally exposed to currency risk. If that describes you, the A,B, and C are all the same: you may collectively call them the IMPROVIDENT fund.
That may sound like a plus but in fact it is hostage money, subject to outrageous fees and offered only in deadbeat funds. Additionally, if your future plans involve living anywhere the economy is not directly related to USD/AUD/GBP or Euro you have no opportunity to save prudently - your retirement plans are totally exposed to currency risk. If that describes you, the A,B, and C are all the same: you may collectively call them the IMPROVIDENT fund.
Join Date: Jul 2003
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Advice
So...after the recent markets hiccup, the EU being in trouble again, the world wanting to kill each other in the name of gas and oil, the Ebola situation and the Chinese economy in a more conservative growth, what are the financial Gurus amongst yourself suggesting in reference to EK A B and C funds? Cash, bonds or equities and how risky can one be when it comes to equities?
Join Date: Dec 2006
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I always get the full brief from Mondial and then do the opposite. Turned out I was 100% cash during the dotcom and subprime bubbles. Mondial currently says the market correction is at least six months away.
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Cash
Forgive my stupidity, but when you say cash- do you mean convert to cash funds, or close out funds and put the money in the bank? It is my understanding that even cash funds are not always safe, and if returns are zero, then we can actually lose money on the annual fees?
Join Date: Sep 2006
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EK DNATA PROVIDENT FUND
All provident fund members over the age of 60 will be asked to submit their fund termination forms.
The company will no longer contribute to the fund.
The maximum age for membership has been set at 60 years of age, effective 1st January 2015.
The company will no longer contribute to the fund.
The maximum age for membership has been set at 60 years of age, effective 1st January 2015.
Join Date: Feb 2004
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What is qualifying service?
For members who joined the Scheme prior to 1st August 2009, qualifying service is the period from the date of joining the company to the date of leaving.
For members who joined the Scheme after 1st August 2009, qualifying service is the period from the date of joining the Scheme to the date of leaving.
For members who joined the Scheme prior to 1st August 2009, qualifying service is the period from the date of joining the company to the date of leaving.
For members who joined the Scheme after 1st August 2009, qualifying service is the period from the date of joining the Scheme to the date of leaving.
Besides, if the money was no longer available to the company, anyone retiring after 60 could walk in to the office and vent their spleen with no come back. Imagine the queues
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Soennecken is this really true ? Can some confirm this ? They basically reduced the salaries for cpts. If they start there they might scrap the hole provident fund.
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This is not something I would BS about. I work for a sister company of EK but belong to the Provident Fund.
Please check with your HR for confirmation. I would be interested to hear if it also affects EK staff.
Please check with your HR for confirmation. I would be interested to hear if it also affects EK staff.
Join Date: Apr 2007
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soennecken,
Mate - before posting this b*****ks try checking the scheme rules first - you might be suprised. Its clear from your post that you haven't!!!!!!
Go get yourself a firkin beer and read em
Mate - before posting this b*****ks try checking the scheme rules first - you might be suprised. Its clear from your post that you haven't!!!!!!
Go get yourself a firkin beer and read em
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Take the advise
It's free, I put off visiting for years and finally started about 3 years ago. In fact I go 3 or 4 times and I am not charged for the extra visits. My fund has passed 7 figures including the C fund. As I'm leaving the pit this year I checked the gratuity calculator on HR direct and I'm 50 % over in my A fund. The only regret is that I didn't avail of the C fund earlier. I suggest that when you get used to living off of a certain amount any extra funds such as steps and raises (yes wishful thinking) or upgrade; you put that in C where it becomes untouchable and compounds.
Join Date: Aug 1998
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Take a look at all the things you have in the C fund. If you had just opened a brokerage account and bought the exact same things you would probably have about $50-70,000 more than you have now instead of giving it away as fees for worthless "management"
I may have said this before.
Don't any of you people read or take advice about your hard-earned money?
I may have said this before.
Don't any of you people read or take advice about your hard-earned money?
Join Date: Apr 2003
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I seem to recall Dropp may have mentioned something like that once or twice before. You might as well give it up Dropp, some people don't want to listen and some people remain terrified of making decisions about their own future.
My issue with the C fund is the extremely limited number of funds available to invest in. Why restrict where you can put your own money? Bad enough that the company gives you so little choice for the B fund (which, I would point out, is coming straight out of your salary every month, so it is very much your money as well).
Comments like "I have a seven figure sum" (I assume in USD but maybe it is DHS? That makes a bit of a difference) are totally meaningless unless you also reveal how much you have put in the C fund and how long you have been putting it there for. A lot of people could probably accumulate a million in 25 years if they rented a studio apartment in International City and lived on bread and water.
My issue with the C fund is the extremely limited number of funds available to invest in. Why restrict where you can put your own money? Bad enough that the company gives you so little choice for the B fund (which, I would point out, is coming straight out of your salary every month, so it is very much your money as well).
Comments like "I have a seven figure sum" (I assume in USD but maybe it is DHS? That makes a bit of a difference) are totally meaningless unless you also reveal how much you have put in the C fund and how long you have been putting it there for. A lot of people could probably accumulate a million in 25 years if they rented a studio apartment in International City and lived on bread and water.
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Swissqoute
I as many others, assumption from what I've read in this thread, havent put in a bit of time to understand personal investment.
But after just minor research I will give Dropp my support. It makes no sense paying ~2% yearly in fees. It doesn't sound like much, but it add's up, a lot, over time as Dropp's links clearly shows. And as you can see, he is not trying to sell you anything, so be open to some good advice.
Enough of flattering Dropp, my main point for posting is to hear if anyone have any experience with Swissqoute. And how they compare with for example Saxo bank?
Also, are there other options available in the A & B funds with Mondial than are displayed when trying to change investment decisions online? So the question is really - are there more options if you go see them?
Thanks
But after just minor research I will give Dropp my support. It makes no sense paying ~2% yearly in fees. It doesn't sound like much, but it add's up, a lot, over time as Dropp's links clearly shows. And as you can see, he is not trying to sell you anything, so be open to some good advice.
Enough of flattering Dropp, my main point for posting is to hear if anyone have any experience with Swissqoute. And how they compare with for example Saxo bank?
Also, are there other options available in the A & B funds with Mondial than are displayed when trying to change investment decisions online? So the question is really - are there more options if you go see them?
Thanks
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Swissquote
I'd also be interested to hear from anyone who has used Swissquote as a trading platform - specifically ETFs.
I compared Swissquote.ch and Swissquote.ae and saw that the former is significantly cheaper for ETFs, although you would not have the Dirham (AED) sub account option in the current account.
The Swiss site charges €9 for buying and selling ETFs and an annual maintenance fee of 0.1%. The UAE site charges 0.25% buy/sell fee and 0.15% annual maintenance. This is a significant difference!
If you went with the Swissquote.ch option, you would have to deal with them directly and not be able to use the local Dubai office for account opening, advice etc. but do you really need to?
I compared Swissquote.ch and Swissquote.ae and saw that the former is significantly cheaper for ETFs, although you would not have the Dirham (AED) sub account option in the current account.
The Swiss site charges €9 for buying and selling ETFs and an annual maintenance fee of 0.1%. The UAE site charges 0.25% buy/sell fee and 0.15% annual maintenance. This is a significant difference!
If you went with the Swissquote.ch option, you would have to deal with them directly and not be able to use the local Dubai office for account opening, advice etc. but do you really need to?