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Costs for UAE job loss insurance – December 2023

Costs for UAE job loss insurance – December 2023

Costs for UAE job loss insurance – December 2023

Costs for UAE job loss insurance – December 2023

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In a move towards ensuring financial stability for Emiratis and residents, Dubai mandates the registration of all workers in the federal and private sectors with the Unemployment Insurance Scheme. This initiative offers crucial financial support to individuals facing job loss due to termination by their employers.

Objectives and Benefits

The scheme aims to provide continued decent living for the unemployed and contribute to building a competitive knowledge economy by attracting and retaining top international talent. Financial support is granted in exchange for a monthly insurance premium paid by the worker during their employment tenure.

Subscription Channels

Workers can enroll in the insurance scheme through the ILOE Insurance Pool website, its app, or any other channels announced by the Ministry of Human Resources and Emiratisation (MoHRE).

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Insurance Providers

Dubai Insurance Company acts as the representative of the insurance pool, consisting of nine national insurance companies.

  1. Dubai Insurance Company
  2. Abu Dhabi National Insurance Company
  3. Al-Ain Ahlia Insurance Company
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  5. Emirates Insurance Company
  6. National General Insurance Company
  7. Orient Insurance
  8. Oman Insurance Company
  9. Orient UNB Takaful Company
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Cost of Subscription

The monthly insurance premium varies based on the worker’s basic salary.

  1. Workers with a salary of AED 16,000 or less pay AED 5 monthly.
  2. Those with a salary exceeding AED 16,000 pay AED 10 monthly.
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Workers can opt to pay premiums monthly, quarterly, half-yearly, or annually. Additional benefits beyond the basic package can be subscribed to in coordination with the insurance company.

Starting on October 1, 2023, the UAE government will impose fines on workers failing to subscribe to or comply with payments for the unemployment insurance scheme. Individuals must secure their financial well-being through timely registration and adherence to the scheme’s regulations.

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