Dubai introduces a job Loss insurance scheme for all workers.
The United Arab Emirates has announced an important Job Loss Insurance scheme in Dubai for workers in the country’s private and government sectors, local media reported on Thursday. The unique scheme aims to protect employees of all nationalities against the risk of job loss.
During a media briefing on Thursday, Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, confirmed that employees who lose their jobs under unforeseen circumstances will receive cash support for a limited period until they find an alternative. If the terminated employee did not find another job after a period of time, the cash support will be cut off, noted the minister, without specifying the time frame within which the support will last.
Cost of Job Loss insurance in Dubai for workers
Al Awar stressed that the mandatory insurance package will cost workers an amount that ranges from Dh40 to Dh100 annually (i.e Rs 844 to Rs. 2110 per yr), according to reports. Employees will be able to apply for different annual packages through insurance companies to secure themselves against a potential job loss.
Benefits of Job Loss insurance in Dubai for workers
The redundancy payment will enable insured workers who suddenly lose their jobs to retrieve 60 percent of their basic salaries with a maximum amount of Dh20,000 per month (i.e Rs. 4.2 lacs per month). However, employees have the option to apply for higher insurance packages. The scheme does not apply to investors, domestic workers, temporary contract workers, those who newly entered a job, reports said.
Unemployment insurance or Job insurance in India?
In India, no uniform or centralized scheme of unemployment insurance is readily available to all unemployed individuals. But there are some government schemes that provide unemployment benefits to ESIC members only.
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