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The UAE government has unveiled a new unemployment insurance plan that would provide financial assistance to both public and private sector workers.
According to the local newspaper, the UAE government’s new unemployment insurance system will give workers peace of mind and attract good and talented people to the region.
The job loss insurance would be available to both UAE citizens and expatriates. Early in 2023, the new required scheme will take effect. In the UAE, job loss insurance coverage is currently unavailable.
Note: Investors, domestic workers, employees on temporary contracts, minors under the age of 18, and retirees with pensions or new job possibilities, on the other hand, will not be covered by the policy.
Unemployment insurance premiums are planned to range from 40 to 95 AED per month for basic coverage, 60 percent of a worker’s basic wage up to 19,000 AED per month paid for a certain duration.
We are expecting more information on how this insurance plan will be implemented and how the businesses would be required to assist their employees in applying for the program. Kindly visit our blog section for further updates on this program.
The benefits would be available to UAE citizens and residents of all skill levels, according to UAE Minister of Human Resources and Emiratisation Abdulrahman Al Awar.
“This has always been the nature of the UAE labor market in the sense that it’s highly open, very dynamic, and quite attractive”, Minister said.
The new policy does not apply to investors, domestic workers, those on temporary contracts, personnel under the age of 18, or pensioners.
You must have a valid residency visa that is related to your employment status in order to stay and live in Dubai. Expat employees who lose their employment have a few months to locate a new one or face returning to their home country under existing guidelines.
The new legislation is aimed not only at attracting but also at maintaining talent.
The unemployment insurance plan strives to improve the job market’s competitiveness and provide a long-term safety net for both workers and employers.
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