Workplace saving is the answer

The article The Money Roundtable: Do long-term savings products serve their customers or their sellers? (February 7) misses one very important point. If employers facilitated the opportunity for employees to save through the workplace (as they do in developed economies), there would be no need for their employees to source a retail product, which is often expensive and confusing.

Workplace savings is the answer – it’s far more convenient and cost-effective without expensive penalties for accessing benefits.

Some employers have recognised that such saving arrangements can provide a key benefit as part of an overall employee remuneration package. At the same time, the plan can be used as an employee-retention tool, rewarding individuals who choose to stay with the company on a longer-term basis.

The “win” for the employer is that it can differentiate itself within its peer group and become an employer of choice.

Employers need to rise to the challenge. Peter Cox, Dubai

The most critical issue is to ensure that there is a strong regulatory framework to protect investors and to allow approved financial products to be sold in the UAE.

Secondly, there needs to be a campaign to educate the public on investing and highlight the approved products and companies that sell them. Lastly, it’s about “let the buyer be aware” and investors must do their due diligence and learn to ask questions, even if the person standing in front is dressed in a new Armani suit.

Don’t be pressured into investing if you are uncomfortable. The rule of thumb is if it’s too good to be true, it probably is. Randall Mohammed, Dubai