How can millennials secure their future financially in the absence of a suitable pension system for them.
With the UAE’s pension system that isn’t open for the non-Emirati population within the UAE, and with the Emirati millennials (and all millennials for that matter) following a lifestyle that can’t fit the pension system, what are the youth in the UAE doing today to secure their tomorrow?
The Emiratis who were born in the 50s and 60s, who worked their whole career in one company, are often caught talking about receiving their pensions or processing the last paperwork to start receiving it into their accounts. The ones born in the 70s often spent their whole career in two or maximum three workplaces, so they’ve struggled a little bit in sorting their pension paperwork when moving between jobs. However, with the millennial (those born post-1980), the case is a little different.
The millennials across different behavioral research are known to have much shorter tenures than their predecessors. In a research done by PayScale -an online salary, benefits and compensation information company in the US- it was found that people born in the 50s and 60s had a tenure average of over 15 years, people born in the 70s had an average tenure of over 5 years, and the millennials had an average tenure of 1.5 to 2 years[i].
The rest of the article is published on Sail Magazine via this link.