(MENAFN- Khaleej Times) The UAE unveiled on Sunday a sweeping foray of bold reforms and financial incentives to spur the growth of new private-sector opportunities for both young and experienced Emiratis.
Salary support, incentives: 13 projects to create jobs for Emiratis
The ambitious drive involves an investment of Dh24 billion to create 75,000 new private-sector jobs for Emiratis.
The initiative is part of the landmark 50-project programme unveiled to stimulate and diversify the national economy to chart the course of the country's next 50 years of growth and prosperity that seeks to attract some $150 billion in new foreign investment in the coming decade.
UAE Projects of the 50: Dh24 billion investment to create 75,000 private sector jobs for Emiratis
The new drive includes grants for students and fresh graduates to take up private sector roles, a Dh1 billion graduate business development fund, a government-backed new private sector child allowance and unemployment benefit, as well as a career break and early retirement schemes for Federal government employees starting new businesses.
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“A decent life for our citizens, their children and the generations to come remains our greatest priority,” said President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
“Working with the private sector to enhance career prospects is the way to ensure that those opportunities endure for decades to come”, he added.
Announcing the new initiatives, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said as the UAE marks its 50th year as a nation, the nation is evolving from building world-class national infrastructure to creating brilliant sources of value and human capital.
“Our people are our pride and our future and we are investing to build the ideas and aspirations of our youth to create new futures in our successful business, trade and knowledge economy”, he emphasised.
The programme will be managed by the newly created Emirati Talent Competitiveness Council, a body chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, with the aim of building private sector partnerships to drive 75,000 new jobs for Emiratis.
The initiatives include the Emirati Salary Support Scheme, a one-year salary support of up to Dh8,000 per month paid to Emiratis to incentivise the recruitment and training of graduates in private sector companies. A monthly support of up to Dh5,000 will be paid for up to five years. Both sets of salary support schemes are subject to certain terms and are based on a range of defined target salaries.
The Merit Programme gives a monthly Dh5,000 top-up to Emirati workers in specialised fields, including nurses, accountants and financial auditors, commercial lawyers, financial analysts and coders; the Pension Programme provides a subsidised five-year government-paid contribution on the company's behalf against the cost of pension plans for Emirati staff and full support for the Emirati's contribution across the first five years of their employment.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said empowering the people is at the core of the UAE plans for the future. He noted that the government programme aims to strengthen the participation of highly qualified Emirati talents in the private sector, which plays a pivotal part in the UAE's development towards the future.
“We believe in the determination of our citizens to build the region's most competitive economy”, said Sheikh Mohamed.
Under this innovative drive, private sector companies will be able to build the Emirati contribution to their workforce overtime.
“Focused on placing Emiratis in the private sector, the effort will start with a target of 2 per cent Emiratis in skilled roles contribution rising in scale to a 10 per cent Emirati contribution over the coming five years,” a government statement said.
Vocational training and development programmes, include the Talent Programme, a Dh1.25 billion investment in developing specialised vocational skills for Emiratis, with internationally recognised certifications in property management, accounting and business management and the Apprentice Programme , a train-to-hire initiative to build vocational training for Emiratis in private and semi-private companies with a range of financial awards across a number of business sectors.
The Dh1 billion Graduate Fund is to be dedicated to giving microloans to final year university students and fresh graduates in order to support them in exploring new business startups. The scheme will be implemented in collaboration with UAE universities.
The National Healthcare Programme is an educational grant programme that targets the development of 10,000 Emirati healthcare workers within the coming five years, rolling out a Graduate Healthcare Assistant Programme, a Higher Diploma in Emergency Medicine and a Bachelor's Degree in Nursing. The Programme is supported and led by Fatima College of Health Sciences and the Abu Dhabi Centre for Technical and Vocational Education and Training (ACTVET).
Alongside the incentive programmes, the Council will also roll out two important new financial support initiatives for Emiratis: the Private Sector Child Allowance Scheme and a new unemployment benefit for Emiratis in the private sector. The Private Sector Child Allowance Scheme, the first childcare allowance in the Emirates, is a monthly grant made to Emirati staff working in the private sector of up to Dh800 per child up to a maximum of Dh3,200 per month to help with the costs of childcare up to the age of 21.
A new scheme will support Unemployment Benefit to be paid to Emiratis working in the private sector who lose their jobs due to circumstances beyond their control, giving them a 6-month period to find another position.
The statement released through official news agency WAM said the two new programmes are aimed at encouraging Emiratis with established careers in Federal Government to join the private sector.
“The Startup Break initiative will begin in 2022 and provide a subsidised career break for Emiratis in Federal Government positions to start a business of between 6-12 months, covering 50 per cent of the employee's salary. In addition, an Early Retirement Scheme will provide an opportunity for Emiratis in Federal Government positions to explore new business opportunities and take early retirement to start a new private-sector business while retaining their full pension entitlement.”
Alternatively, they can elect to receive a lump sum golden handshake payment. Both schemes will be open to a limited number of staff each year with employer approval, it said.
Issac John Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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