Over 60,000 UAE residents subscribe to unemployment insurance scheme

Over 60,000 UAE residents subscribe to unemployment insurance scheme

DUBAI: In the first two days after the commencement of the unemployment insurance programme on 1st January, 60,000 employees have successfully signed up for it.

The programme has been implemented through a federal decree (No. 13 of 2022), which relates to 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 losses.

In the first two days, 86 percent 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 providing insurance services against unemployment. Other subscription channels include the smart application of the insurance complex, self-service kiosks, businessmen service centres, Al Ansari Exchange, and smartphone applications of banks in the country, as well as telecom bills.

Ninety percent of participants chose to subscribe to the scheme annually. This option is given to two categories of individuals who are covered by the insurance. One category includes those whose basic wage is AED16,000 or less. The subscription amount is AED5 per month (AED60 yearly), and the maximum value of the monthly pay is AED10,000.