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UAE job loss insurance: Nearly 250,000 people already subscribed to scheme
The scheme received 60,000 subscribers in the first two days of January – meaning that in just over 10 days, the number has quadrupled
Only 12 days after the opening of subscription for the Involuntary Loss of Employment (ILOE) scheme, nearly 250,000 people have registered for the scheme.
The announcement was made by Abdulrahman Al Awar, Minister of Human Resources and Emiratisation on Thursday. The scheme received 60,000 subscribers in the first two days of January, meaning that in just over 10 days, the number has quadrupled.
The Unemployment Insurance Scheme has been put in place via Federal Decree 13 for the year 2022, on unemployment insurance that does not incur any additional costs for employers. The scheme aims to provide financial security to workers and professionals in the public and private sectors in case of job loss.
According to a report issued by the Ministry of Human Resources and Emiratisation, in the first two days, 86 per cent of participants chose to sign up via the website https://www.iloe.ae – one of seven channels provided by the Dubai Insurance Company, which represents the insurance complex that is in charge of providing insurance services against unemployment.
It is also possible to subscribe via Dubai Insurance Company's smart application, as well as self-service kiosks, businessmen service centres, Al Ansari Exchange, and smart phone applications of banks in the country – and even telecom bills.
The report also stated that 90 per cent of participants chose to subscribe to the scheme annually. This option is given to two categories of individuals who are covered by the insurance. One category includes those whose basic wage is Dh16,000 or less. The subscription amount is Dh5 per month (Dh60 yearly), and the maximum value of the monthly pay is Dh10,000. The other is made up of those whose base wage is more than Dh16,000; the monthly subscription fee for this group is Dh10 (Dh120 annually). The maximum monthly compensation amount is Dh20,000.
If the insured employee does not resign or is not fired for disciplinary grounds, the insurance pays him a sum for a maximum of three months. The pay is calculated on 60 per cent of the basic salary in the last six months before being unemployed, the report said.
In an exclusive interview with Khaleej Times on Wednesday, Abdellatif Abuqurah, CEO, Dubai Insurance Company, said that employers in the UAE can buy the insurance against job loss on behalf of their staff, and added that this is an optional feature.
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