A retirement plan is a monetary system intended to help people, save, and contribute for their retirement. Employers typically include retirement plans in their package of benefits for employees. Individual retirement accounts (IRAs), defined benefit plans like a 401(k), and other investment options may be included in these plans.
Employers are not required by law to offer retirement plans to their employees in the UAE, GCC, and KSA. However, to attract and retain top talent, many employers include retirement plans in their benefit packages. Employees can make retirement plans as an important part of their financial planning because they give them the chance to save money and invest in the future.