Residents Only Have 25 Days Left To Sign Up For The UAE’s Mandatory Insurance Scheme
The unemployment insurance scheme, launched by the Ministry of Human Resources and Emiratisation (MoHRE), aims to provide additional security for private sector workers and introduces a safety net element to your employment. It’s been made mandatory for workers in both private and public sector workers, which basically means that anyone working in the UAE will have to sign up for the unemployment insurance.
The registration deadline has been set for Friday, June 30, 2023. Those who fail to register for the insurance will face a fine of AED400. Ouch!
Here are a few ways you can sign up:
- The Involuntary Loss of Employment (ILOE) Scheme website
- The ILOE smart application
- Bank ATMs
- Kiosk machines
- Business service centres
- Money exchange companies
- du and Etisalat via SMS
You will require the below documents to register for the scheme:
- Scanned soft copy of your Emirates ID
- Passport Number
- A working number linked to your Emirates ID
Post the registration, you will be asked to make an upfront payment of the insurance amount for the year.
The scheme excludes investors, domestic helpers, pensioners, individuals with temporary employment contracts, and anyone under the age of 18
If you fall into any of the above categories, you’re off the hook.
Let’s dive into how the UAE Unemployment Insurance scheme works. It’s divided into two categories based on your basic salary:
- Category 1: If your basic salary is AED16,000 or less, your insurance cost is AED5 per month or AED60 annually
- Category 2: If your basic salary exceeds AED16,000, your insurance cost is AED10 per month or AED120 annually
You can choose to pay the insurance premium monthly, quarterly, half-yearly, or annually. Just pick the option that suits you best. Oh, and one more thing. The value of the insurance policy is subject to value-added tax (VAT). BTW commission-based workers are eligible to subscribe too.
This is your chance at securing your future and enjoying a bit more peace of mind. Make sure to get all your ducks in order and sign up for June end.
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