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The federal government and private sector employees can subscribe to the new Unemployment Insurance Scheme from January 1, 2023, it was announced on Wednesday.
According to the Ministry of Human Resources and Emiratisation (MoHRE), the insurance scheme is divided into two categories. The first covers those with a basic salary of Dh16,000 and less. The premium for the insured employee in this category is set at Dh5 per month (or Dh60 annually).
The second category includes those with a basic salary exceeding Dh16,000. The insurance premium, in this case, is Dh10 per month (or Dh120 annually). The payment can be made by the employees monthly, quarterly, half-yearly, or on an annual basis. The value of the insurance policy is subject to value-added tax (VAT).
Premiums for the scheme are to be paid by the employees themselves and, therefore, do not pose any additional expenses on firms.
The MoHRE announced these new details as it signed an agreement with a group of nine local insurance companies to launch the framework of the new scheme.
The scheme offers employees cash compensation for up to three months for each claim if they lose their job due to "reasons beyond their control".
The value of the monthly compensation will not exceed Dh10,000 for the first category and Dh20,000 for the second. The insurance coverage compensation is calculated on a monthly basis at the rate of 60 per cent of the basic salary.
The insured must submit the claim through the three approved channels: The insurance pool's e-portal, smart application, or call centre, provided this is done within 30 days from the date of unemployment.
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Compensation will be paid within two weeks from the date of the claim and capped at a maximum of three months. Employees are eligible for the payout if they have worked and subscribed to the insurance scheme for at least 12 months. They must not have been dismissed for a disciplinary reason.
Employees are not eligible for compensation if they have left the country or joined a new job.
Those excluded from the scheme include investors – owners of establishments in which they work, domestic helpers, employees with a temporary employment contract, juveniles under 18 years of age, and retirees who receive a retirement pension and have joined a new job.
An employee working on a commission basis may also subscribe to the scheme.
Employees may subscribe to the insurance scheme via the insurance pool’s website, smart application, bank ATMs, kiosk machines, business service centres, money exchange companies, du and Etisalat, SMS, or any other channel as decided by the MoHRE.
Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, said: “We are keen to accelerate the implementation of the unemployment insurance law through this agreement, which outlines the practical details of implementing its provisions on the ground, including employees in the federal government and private sectors. This will lead to a highly competitive and attractive labour market while enhancing the stability of the workforce.
“The new unemployment insurance law is an essential part of the legislative and legal structure that the government is keen to develop to meet the requirements of the national economy.”
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