What is UAE’s ‘Second salary’ plan? How do residents generate additional income?

What is UAE's 'Second salary' plan? How do residents generate additional income?

Second Salary, a customized savings solution designed for the national and ex-pat populations of the UAE to produce additional income, has been launched, according to National Bonds. The initiative, which will eventually provide the best retirement plans in the UAE, is starting with this plan.

Second Salary is a personalized supplemental income-generating service that aims to empower people by enabling them to maintain their desired standard of living. The plan is divided into two main phases, the first of which is the “Saving” phase, during which consumers invest money in National Bonds on a monthly basis for a duration of between three and ten years they select. The following “Income” phase enables the consumer to start receiving income each month, including their initial investment plus any accumulated profit.

Customers may anticipate receiving Dh7,500 per month for the following 10 years, provided they saved Dh5,000 per month for the first 10. Customers may receive Dh10,020 each month for three years, which is more than double the amount they would have saved if they had saved Dh5,000 per month for five years but decided to redeem inside that time frame.

Clients who choose Second Salary must deposit a minimum of Dh1,000 each month for a minimum of three years. Customers can design their Second Salary plan with complete flexibility over the size and length of the saving and salary phases to ensure the security of a supplemental monthly income in the future. To achieve their financial objectives, such as paying for college costs, a down payment for a home, or investments, customers can also elect to redeem their savings as a single amount rather than monthly payments.

Customers of Second Salary have the chance to increase their financial security in addition to their economic empowerment through attractive rewards and cash prizes from National Bonds. Depending on the length of the savings term they select, customers also have access to National Bonds’ alluring AED 35 million rewards program, which dramatically increases the odds of winning by up to 30 times.

National Bonds’ Group CEO, Mohammed Qasim Al Ali, stated, “We developed the Second Salary plan in response to the increased need for solutions to generate a reliable additional income for our clients. We take pride in providing UAE citizens with an affordable, smooth means of obtaining financial stability through our Second Salary savings plan, which is both highly individualized and flexible. As we continue to work to provide fresh, cutting-edge ways for our consumers to improve their financial futures, our dedication to innovation in the industry is unwavering.

Through its distinctive, straightforward, and adaptable solutions, National Bonds strive to assist individuals in constructing longer-term prospects and financial health for the future by coming up with innovative ways to support the development of a greater culture of saving in the UAE.

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