Insurance plan from the beginning of 2023
He added that the financial assistance would be available to those who lose their jobs due to unforeseen circumstances until they find another job. He said the project, which is expected to come into effect by early 2023, will be implemented equally for all nationalities. All companies are responsible for the implementation of this insurance scheme.
Who does not get the benefit of the scheme?
He said the project aims to ensure the stability of the country’s labor market and thereby attract more expatriates to the private sector. At the same time, it aims to attract the best talent from different parts of the world to the job market in the country and increase its competitiveness.
At the same time, he said, investors, domestic workers, those working on temporary employment contracts, children under the age of 18 and those retiring with a pension will not benefit from unemployment insurance.
Up to AED 20,000 per month
Workers must be enrolled in one of several different types of annual insurance packages to benefit from it. The employee has to pay an insurance premium of only AED 40 to AED 100 per year. Holders of such job losses can receive up to 60 per cent of their basic salary per month in the event of an unexpected job loss. The maximum income is Dh20,000 per month. Employees also have the opportunity to choose larger insurance plans. The official said that each person will have the opportunity to choose the plans that are most suitable for them and their financial capacity.
There will be no additional financial burden on employees
On the other hand, the Minister said that with the implementation of the insurance scheme, it will be possible to provide job security to everyone working in the UAE. At the same time, if they lose their job and cannot find a new job for a certain period of time, the financial assistance they receive will be terminated. However, the minister did not say how many months he would get the benefit. Minister Al Awar said that the employees would be given the opportunity to join the scheme by contacting the insurance companies directly. Details of the project will be announced soon.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, announced the insurance scheme for those who lose their jobs in a Twitter message after a cabinet meeting yesterday. Sheikh Maktoum said on Twitter that the aim was to increase the competitiveness of the UAE labor market, protect workers and create a sustainable work environment.