UAE’s New Insurance Scheme
The thought of being unemployed could be quite daunting.
Bills on bills mounting up with no clear insight as to when and how you will land a new job… a scary thought for sure but one that’s been made slightly more ingestible courtesy of the UAE’s new insurance plan.
The UAE will be opening up the ‘unemployment insurance’ to workers of ALL nationalities in both public and private sectors, as of 2023.
Under the insurance scheme, workers laid off jobs in the UAE will be granted 60% of their basic salary monthly (for a limited period) as an interim earning, whilst on the lookout for another job.
Abdulrahman Al Awar, Minister of the Human Resources and Emiratisation clarified that this would promote Emiratisation – working to boost the Emirati workforce in the private sector.
Those wanting to take up the policy would have to pay a minimum annual fee of AED100 for the insurance scheme