In conjunction with Labor Day, MOHRE and National Bonds launch Tharaa Initiative

In conjunction with Labor Day, MOHRE and National Bonds launch Tharaa Initiative
Wednesday, May 1, 2019

Dubai, the United Arab Emirates; May 1, 2019: The laborer in UAE is the creator of foundations, the thread that holds together the social fabric, and the one who is impacting the domestic economy and its development. Thus, he deserves special attention and privileges awarded by the UAE Government.

The attention paid by the Leadership is notable as it recognizes laborers’ rights and ensure that laws are in place and being regulated by various bodies and ministries, such as the Ministry of Human Resources & Emiratisation (MOHRE), which is working to ensure laborers’ happiness, convenience and rights.

In keeping with MOHRE’s efforts, the Labor Saving Program (Tharaa), under the National Happiness and Positivity Program of the Ministry of Happiness, was launched. This launch was made possible via a strategic cooperation agreement with National Bonds, the leading Sharia-compliant saving and investment UAE Company, with the goal being to improve the UAE’s competitive position within the realm of happiness and labor rights.        

Tharaa’s launch occurs ideally in conjunction with the global and local celebration of Labor Day, emphasizing MOHRE’s constant efforts to provide laborers with the best services and competitive earnings, in order to achieve the highest level of happiness. This, in turn, is reflected in the Happiness Index for the UAE, as a whole.      

Tharaa is aimed at enabling laborers to build a financially stable future through monthly fixed deductions directly from their Wage Protection System (WPS) , the amount of which is voluntarily  contributed by the laborer throughout the duration of his/her  stay in the country.. The laborer shall also have several benefits, annual profits, micro-financing facilities through third party tie ups and entry into National Bond’s generous rewards program. This allows the laborer the chance to win several rewards including a million-dirham every quarter, in turn enabling him to create a happy and secured future.   

The savings initiative, Tharaa, is supported by automated kiosks at thirty-eight of MOHRE’s Tawjeeh Centers, spread across the Emirates.

They will be also eligible to participate in additional program benefits and awards, which amount to more than AED 37 million. These rewards are distributed on a monthly and quarterly basis to local and expatriate employees working in the private sector.

The most prominent of these awards is the quarterly one million prize draw. This draw is divided into two parts: the quarterly one million prize draw for UAE locals, and the same for expatriates.

UAE locals and expatriates can also participate in the monthly draw for two cars or their equivalent of 100 thousand dirhams, two monthly draws for a cash prize of 10 thousand dirhams, and 40 thousand prizes of 50 dirhams each distributed monthly.

Furthermore, 50 savers will benefit yearly from Takaful services that protect them in the event of work-related death or injury. In addition, more benefits will be provided including a complimentary quarterly money transfer service; a labor loyalty program, which will be launched in a later phase; National Bonds CEO, Mohammed Qasim Al Ali, expressed his pride in the partnership with MOHRE, including the launch of “Tharaa” Initiative, as part of the development of innovative programs and products to enhance financial happiness and strengthen the UAE's position as one of the best countries to live, work and invest in.

He pointed out that “the initiative will help employers and workers develop quick and practical plans for better financial health, and contribute to their families’ welfare and thus enhance their productivity”.