Kharafi National, part of the Kuwait based Kharafi Group and one of the regions largest employers, has enhanced its ground breaking employee benefits programme through an employee savings programme designed by RBC Corporate Employee & Executive Services (RBC cees). The innovative scheme provides savings and pension benefits over and above local labor law requirements to approximately 4,000 qualifying employees in Kuwait, the UAE, Lebanon and Egypt. The plan enables employees to save for their future by gaining them access to international investment options while Kharafi National contributes at a matching level to support their employees. This milestone programme is one of the first such programs to be provided by a major private sector employer in the region.
This reflects the high value that we ascribe to our staff and the importance we place on attracting, retaining and rewarding the best employees, says Antoine El Khoury, HR Director, Kharafi National.
RBC cees, part of RBC Wealth Management, a division of the Royal Bank of Canada (RY on TSX and NYSE), has been appointed as trustee, administrator and fund advisor for the scheme.
This news follows from the announcement in November that Simon Stirzaker and Rola Azab had joined RBC cees from HSBC, with a mandate to capitalize on growing interest in innovative employee reward programs in the Middle East.
Kharafis continuing commitment and investment in its human capital through such a program is admirable and is a milestone for employee benefits in the region, says Simon Stirzaker, senior manager at RBC cees in Dubai. It shows that even in the throes of one of the worlds most severe recessions, companies in the region are continuing to invest in their people through innovative reward structures and take an active role in the care of their employees and their futures.
D.C.