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UAE job loss insurance: Employees can now subscribe with a new channel to the scheme
The number of subscribers has surpassed 5 million since the subscription opened on January 1, 2023
Employees in the UAE can now subscribe to the job loss insurance scheme through etisalat by e& as the deadline for the subscription approaches.
This is the second channel that has been activated this month to subscribe to the Involuntary Loss of Employment Scheme (ILOE).
Earlier this month, consumer technology holding group Astra Tech announced a strategic partnership with the ILOE insurance pool represented by Dubai Insurance Company to offer the ILOE insurance through the Botim app.
The mandatory job loss insurance was launched on January 1, 2023, for employees working in the private sector and the federal government sector. The workers were given January to June time to subscribe. But the deadline was extended to October 1, 2023, failing which a Dh400 fine will be imposed on employees for not registering in the scheme.
Employees in the UAE can subscribe to the scheme through the largest telecom services provider by sending an SMS to 2120. They have to type in ID then space and then give the Emirates ID number.
Dana Kansou, Manager of Distribution and Strategic Partnerships at Dubai Insurance, which manages the ILOE Insurance pool, said people should register for the scheme as soon as possible because the deadline expires on October 1, 2023, to avoid fines which will come into effect in line with the announcement made by the Ministry of Human Resources and Emiratisation (MoHRE).
Currently, employees can also subscribe through ILOE’s official website and app, MBME and UPAY kiosks, business centres (Tawjeeh and Tasheel) and Al Ansari Exchange branches and App.
The number of subscribers has surpassed 5 million since the subscription opened on January 1, 2023.
In addition, all the companies above 15 employees who are not registered in MoHRE can subscribe on behalf of their employees by sharing the required documents to companyreg@iloe.ae.
Costing Dh5 per month plus VAT, employees earning a basic salary of equal or less than Dh16,000 can subscribe on a monthly, quarterly, semi-annually, annual and bi-Annual basis. Employees earning Dh16,000-plus basic salary are required to pay Dh10 per month. They can also choose to pay among the five options given to them. Workers have the right to subscribe to additional insurance benefits.
The employee will get cash compensation for up to three months per claim from the date of loss of employment, amounting to 60 per cent of their average basic salary in the last six months preceding their job loss.
To be eligible for a claim compensation, the subscribers must be registered in the scheme for a period of no less than 12 consecutive months and must submit an application requesting compensation within a period of 30 days from job loss, provided that their employment was not terminated for disciplinary reasons, have not resigned, or the compensation request was not fraudulent.
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