UAE job loss insurance: Nearly 250,000 people already subscribed to scheme

UAE job loss insurance: Nearly 250,000 people already subscribed to scheme

The scheme received 60,000 subscribers in the first two days of January – meaning that in just over 10 days, the number has quadrupled

Published: Thu 12 Jan 2023, 6:39 PM Last updated: Thu 12 Jan 2023, 6:44 PM

Only 12 days after the opening of subscription for the Involuntary Loss of Employment (ILOE) scheme, nearly 250,000 people have registered for the scheme.

The announcement was made by Abdulrahman Al Awar, Minister of Human Resources and Emiratisation on Thursday. The scheme received 60,000 subscribers in the first two days of January, meaning that in just over 10 days, the number has quadrupled.

The Unemployment Insurance Scheme has been put in place via Federal Decree 13 for the year 2022, on unemployment insurance that does not incur any additional costs for employers. The scheme aims to provide financial security to workers and professionals in the public and private sectors in case of job loss.

According to a report issued by the Ministry of Human Resources and Emiratisation, in the first two days, 86 per cent of participants chose to sign up via the website https://www.iloe.ae – one of seven channels provided by the Dubai Insurance Company, which represents the insurance complex that is in charge of