Photo for illustrative purposes only. ARCHIVE

UAE: 60,000 individuals subscribe to job loss insurance

In the first two days after the program launch, 60,000 employees successfully signed up for the unemployment insurance scheme. The program was launched through a federal decree (No.13 of 2022), which refers to unemployment insurance that is free of charge to companies. The scheme intends to provide financial security to public and private sector workers and professionals in the event of job loss. In the first two days, 86 percent of participants signed up using the website https://www.iloe.ae, one of seven channels the Dubai Insurance Company offered. Other subscription channels include the smart application of the insurance complex, self-service kiosks, businessmen's service centers, Al Ansari Exchange, smartphone applications of banks in the country, and telecom bills. Ninety percent of participants choose to subscribe to the scheme yearly. This option is available to two types of people who are insured. One category includes those whose basic wage is Dh16,000 or less. If the insured employee does not resign or is not fired for disciplinary reasons, the insurance company will pay him a lump payment for up to three months. The pay is based on 60% of the basic salary earned in the six months preceding unemployment. The payment will be made within two weeks of the claim date. The premium might be paid quarterly, monthly, semi-annually, or annually. The insured person must submit the claim through the designated channels: the Dubai Insurance Company's website https://www.iloe.ae, the insurance complex's smart application, and the insurance complex's call center (600 599 555). To be eligible for the benefit, an individual must have been a scheme member for at least 12 months. If the person leaves the nation or accepts a new job, he loses his right to the claim. Investors or establishment owners, domestic employees, temporary contract workers, minors (under 18 years), and retirees who receive a pension and start new employment are exempt from the system. BKM/ Expat Media
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