You Can Get Insurance For AED5 With The UAE’s Unemployment Insurance Scheme

On October 11, the Ministry of Human Resources & Emiratisation announced the Unemployment Insurance Scheme.

On November 2, the MoHRE announced a three-month compensation for each claim in the Unemployment Insurance Scheme

Moreover, this scheme ensures the sustainability of a decent life for Emiratis and resident employees during their unemployment period. It also reduces business risks.

Additionally, the MoHRE specified the subscription fees and compensation

For the 1st category:

• A basic salary of AED16,000 and less
• The insurance cost is AED5 per month
• Lastly, monthly compensation is AED10,000 max

While the 2nd category:

• A basic salary of more than AED16,000
• The insurance cost is AED10 per month
• Finally, monthly compensation is AED20,000 max

Officials calculate the insurance coverage compensation on a monthly basis at the rate of 60% of the basic salary.

Moreover, payments can be made monthly, quarterly, half yearly, or annually.

They also mentioned the subscription channels

These channels are as follows:

• Insurance Pool’s website and application
• Bank ATMs and Kiosk machines
• Business service centres
• Money Exchange companies
• du and Etisalat
• SMS
• Any other channel that the Ministry of Human Resources and Emiratisation decides later with insurance companies

Lastly, here are all the important details on the Unemployment Insurance Scheme

1. Employees are only eligible for compensation if they worked and subscribed to the scheme for at least 1 year.
2. Moreover, employees are only eligible for compensation if they were not dismissed for a disciplinary reason of resignation.
3. The insured employee must submit the claim through the approved claim channels within 30 days from the date of their unemployment.
4. Lastly, the insured employee is not eligible for compensation if they left the country of joined a new job.

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