EOSBEnd of Service Benefits
EOSBEnd of Season Bash
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I was expecting the bank to release the blocked amount, but was shocked when I received a call from the bank on November 27 informing that the management has decided to use my EOSB amount to partially settle my auto-loan.
The purpose of severance pay or EOSB is to assist employees to be able to provide the needs of his family during the period of unemployment or retirement.
A potential purchaser will have a very different view on how much the EoSB liability impacts the value of your business.
The employment trends revealed in the survey have meaningful implications for the employer EoSB accruals, as increasing headcount and rising salaries further increase the EoSB liability.
"It is estimated that the combined liabilities of all GCC (Gulf Co-operation Council) employers for EOSB is around $16bn and is projected to increase to $75bn by 2020," said a new report issued by strategic research company, Insight Discovery.
"The personal loan against EOSB is available to all Emirates NBD customers who have a salaried account with the bank," it said.
In this way, the risk of the company not being able to pay the EOSB to the employee upon termination is eliminated as the fund is credited to the employee's account on a monthly basis," he argued.
Research published by Towers Watson suggests that a rising number of companies in the Middle East are addressing the issue of unfunded EoSB. The number of companies indicating that they are now funding their EoSB, at least in part, rose from just eight in Towers Watson's 2009-2010 survey to 24 in 2010-2011, a growth of 200 per cent.
"The personal loan against EOSB program allows customers in the medium and lower salary range, to avail personal loans to meet their financial requirements, by considering the EOSB amount as collateral against which the customer can take a loan.
I got shocked when DIB customer service staff told me that DIB would not release my end of service benefits (EOSB) due to my loan, which is as per their new policy.
Putting up an investment fund to ensure end of service benefits (EOSB) will enhance the long-term business relationship between employees and employers, he noted.
End of service benefits (EoSB) laid out under the UAE Labour Law, are designed to compensate employees for their services to the company, and are calculated according to the employee's length of service.