Provident Scheme
As a condition of your employment, you will be required to take part in the Provident Scheme, subject to the scheme rules and qualifying period. The company will automatically enroll you after six months of joining.
You will contribute 5% of your monthly basic salary into the Provident Fund.
Emirates will contribute 12% of your monthly basic salary to the Provident Fund during your first ten years of service. After completing 10 years of service, Emirates will contribute 15% of your monthly basic salary into the Fund, Provided.
The vesting periods (the amount of time you must have worked at Emirates before you fully own the shares) are set out in the scheme rules: 75% of the A account (company contribution) after three years but less than five years of scheme membership, 100% of the A account after five years of scheme membership.
End-of-Service Benefits
You will be guaranteed a minimum End-of-Service payment of 21 days’ basic salary a year for the first five years of service, and then 30 days’ basic salary a year for each year of service thereafter.
You will receive either your Provident Scheme A account or the End of Service Benefit (EOSB), whichever has the higher value, but not both.
All GCC nationals will be enrolled in their respective pension schemes.
Upon termination of employment, you will be entitled to the following benefits:
Less than three years’ service: You receive the Provident Scheme benefit accumulated on your contributions as an employee only, plus your End of Service Benefit, calculated at 21 days’ basic salary for every year of service.
Over three years’ service and less than five years’ service: You receive the Provident Scheme benefit accumulated on your contributions as an employee, plus: 75% of the A account value (the company’s contribution), or your End of Service Benefit (whichever is higher). This is calculated at 21 days’ basic salary a year for the first five years of service, and then 30 days’ basic salary a year for each year of service thereafter.
More than five years’ service: You receive the Provident Scheme benefit accumulated on your contribution as an employee, plus: 100% of the A account value (the company’s contribution) or your End of Service Benefit (whichever is higher), calculated at 21 days’ basic salary a year for the first five years of service, then 30 days’ basic salary a year for each year of service thereafter.
