The UAE Unveils a New Unemployment Insurance Scheme

The Ministry of Human Resources and Emiratisation (MoHRE) has recently taken a major step in the form of unveiling the new unemployment insurance scheme, which will go into effect in January 2023 and assure the financial stability of individuals working in the nation.

The main features of the UAE’s new unemployment insurance scheme are given below :

• All UAE federal government and private sector employees must obey the new law’s terms & conditions, with the exception of investors, domestic workers, part-time workers, and minors under the age of 18, and retirees who get a retirement pension and have started a new job.
• To be eligible to collect the insured amount, the employee must have been insured for 12 consecutive months starting on the subscription date.
• The payment will be made on a monthly basis, based on 60% of the employee’s basic salary, and will not exceed AED 20,000 each month.
• If an employee accepts a position at another company while receiving remuneration, the compensation will be suspended.
• Moreover, neither fraud nor dishonesty should be utilized in the compensation claim. The penalties outlined in the law shall be subject to the establishment as well as the insured in the event that it is discovered that the establishment where the employee works is not a legitimate one.
• The insured may be entitled to extra benefits for service providers, insurance companies that have been granted Central Bank of the UAE (CBUAE) licenses, and other parties, as long as they meet the requirements set forth in the UAE cabinet’s unemployment insurance regulations. Other governmental bodies designated by the UAE cabinet to offer services for unemployment insurance may also be service providers.
• Some other compensation or rights mentioned by other UAE law that is now in effect are unaffected by the compensation that the insured is eligible under this decree law.

In Summary

Most government policies have been prioritized with regard to the well-being of both residents and citizens of the UAE. The main purpose of building facilities and employment-related laws in the UAE is to enhance the lives of the people and uphold employees’ rights. If you are employed by a public or private company in the UAE, this brand-new scheme will benefit you.

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