However, a poll of the news site Emirates24|7 noted that more than a third (34 per cent) of the respondents “believe they would have to work until they drop as their financial situation would not permit them to continue to live their current lifestyle if they were to stop working after retirement age.”
The IMF, an organization of 187 countries, said UAE’s per capita income at Dh178,351 (or $48,597).
A report of Emirates24|7 on Thursday said one-fifth (or 21 per cent) of the respondents said “they would work full-time until they’re 65 years old – the global average retirement age.”
More than two-fifth of respondents (43 per cent) intend to slow down when they retire?
The report said “almost 23 per cent of respondents believe they would work full-time until 50 and then go for less hectic jobs whereas another 21 per cent would take it easy after the age of 45 years.”
Saving money late in life
Economists noted that many working people start saving late in life.
The report quoted MR Raghu, Senior Vice-President-Research at Kuwait Financial Centre (Markaz), as saying: “The right age to start saving for retirement is as soon as you enter your career.”
The report asked posed this questions: “Is the situation more acute here as expats will not be entitled to any pension later in life when they are in their own country?”
Giyas Gokkent, Group Chief Economist at National Bank of Abu Dhabi (NBAD), said: “This depends on the benefits provided in the home country.”
Gokkent said developing countries may not have a good retirement plan but he said the UAE “has a system whereby workers are provided end-of-service gratuity.”
SOurce: GMA News
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