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UAE job loss insurance: Over 5.73 million employees join mandatory scheme as deadline nears
Authority reminded residents that the deadline to subscribe to the plan is October 1, failing which a Dh400 fine applies
More than 5.73 million employees have subscribed to the UAE's mandatory job loss insurance scheme, it was announced on Tuesday.
The Ministry of Human Resources and Emiratisation (MoHRE) said 5.6 million subscribers are from the private sector, while the rest are employed in federal government departments.
The ministry reminded residents that the deadline to subscribe to the scheme is October 1, failing which a Dh400 fine applies.
Excluded categories include investors (business owners who own and manage their businesses themselves), domestic workers, temporary employees, minors under the age of 18, and retirees who receive pensions and have joined a new employer.
The MoHRE urged eligible employees to register immediately in order to avoid fines and benefit from the advantages it offers.
The scheme is a low-cost safety net for employees that offers financial support for a limited period of time in case of job loss.
The unemployment insurance scheme is divided into two categories: The first covers those with a basic salary of Dh16,000 and under, where the insurance premium is set at Dh5 per month, with the maximum monthly compensation being Dh10,000.
The second category includes those with a basic salary exceeding Dh16,000, with the insurance premium being Dh10 per month and monthly compensation capped at Dh20,000.
The insurance compensation can be claimed as long as the beneficiary has been subscribed to the scheme for at least 12 consecutive months.
The right to compensation is forfeited in the event that he/she cancels residency and leaves the country or gets a new job.
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