George’s supper | Samayam Malayalam | Updated: 1 Jan 2023, 5:50 pm
Workers can subscribe to insurance through Insurance Pool’s website (www.iloe.ae), smart application, bank ATMs, kiosk machines, business service centers, money exchange companies, Doo, Etisalat and SMS.
Who are excluded from the scheme?
Investors, business owners, self-employed persons, domestic workers, temporary employees, persons under 18 years of age, retired persons receiving a pension, and those who have taken up employment under a new employer are exempted from compulsory insurance. The project is part of the Social Security Support Program announced by the UAE government last May. The aim of the project is to ensure a decent living situation for the natives and expatriates during the period of job loss and provide an opportunity to search for a job with peace of mind.
How much should be paid as insurance premium?
Workers with a basic salary of AED 16,000 or less must pay an insurance premium of AED 5 per month, or AED 60 per year. They will be entitled to compensation not exceeding 10,000 dirhams per month. Those whose basic salary is above Dh16,000 will be required to pay Dh10 per month, which is Dh120 per year. Those in this category will receive compensation not exceeding Dh20,000 per month. The employee may be allowed to include additional benefits in relation to the insurance company. Employees can pay premium on monthly, quarterly, half-yearly and annual basis.
How to join the insurance scheme?
Workers can subscribe to insurance through Insurance Pool’s website (www.iloe.ae), smart application, bank ATMs, kiosk machines, business service centers, money exchange companies, Doo, Etisalat and SMS. The scheme will be overseen by Dubai Insurance Company, a representative of an insurance pool consisting of nine companies. The monthly compensation will be 60 percent of the average salary for the 12 months immediately preceding the loss of employment. Compensation is only available for three consecutive months. It is also provided that during the insurance period the total compensation received during the entire working life of the insured person in the UAE shall not exceed 12 monthly benefits. This means that a person who has lost his job on various occasions will be entitled to a total of 12 monthly compensation during his working life.