Spot gold was slightly down at $2,335.13 per gram on Monday
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The UAE’s Unemployment Insurance Scheme has exceeded one million subscribers since its launch in January 2023, the Ministry of Human Resources and Emiratisation (MoHRE) has announced.
Employees have to mandatorily subscribe to the scheme by June 30, 2023. Failure to do so will result in a penalty of Dh400.
The scheme covers employees in the federal government and private sectors. It offers a low-cost job security net that supports the career path and living stability of employees in the UAE.
Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, highlighted that the scheme “has had a positive impact on the labour market”. He noted that it is a “driver of growth for the UAE’s economic sectors”.
He called on those that are eligible to subscribe to the Unemployment Insurance Scheme to benefit from coverage, and on employers to encourage their employees to subscribe.
Those exempted from subscribing include investors, owners of facilities in which they work, domestic helpers, employees with a temporary employment contracts, juveniles under 18 years of age, and retirees who receive a retirement pension and have joined a new job.
The insurance is divided into two categories: The first covers those with a basic salary of Dh16,000 and below. The insurance premium for the insured employee in this category is set at Dh5 per month (Dh60 annually), and the monthly compensation is capped at Dh10,000 per month. The second category includes those with a basic salary exceeding Dh16,000, and the insurance premium is Dh10 per month (Dh120 annually) with a monthly compensation of up to Dh20,000.
The insurance compensation can be claimed as long as the insurer (employee) has been subscribed to a scheme for at least 12 consecutive months. The claim can be submitted within 30 days of job loss, and will be processed within two weeks of submission. The insured’s right to compensation is forfeited in the event that he/she cancels their residency and leaves the country, or joins a new job, within the processing period.
The compensation is calculated at the rate of 60% of the average basic salary in the last six months before unemployment, and paid for a maximum of three months for each claim from the date of unemployment.
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