ABU DHABI: The job loss insurance scheme, which guarantees fixed income for up to three months even if the job is lost, came into effect in the UAE. It came into effect from January 1. The UAE Ministry of Human Resources and Immigration had earlier announced that membership in the scheme is mandatory for all employees working in the country, including the private sector.
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It is also indicated that after the scheme comes into effect, those who have not yet taken insurance will be fined. Both federal government employees and private sector employees will benefit from this scheme. This insurance scheme is implemented in two categories. The first category includes those with a basic salary of Dh16,000 or less. They have to pay a premium of 5 dirhams per month and 60 dirhams per year.
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The second category includes those whose basic salary is above Dh16,000. They have to pay a premium amount of 10 dirhams per month and 120 dirhams per year. There is an option to pay this premium amount on an annual basis, every six months, every three months or every month. Value Added Tax is applicable to this policy. Since the premium amount has to be paid by each employee on his own, the additional liability of this does not fall on the organizations.
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The Ministry of Human Resource Indigenization has reached an agreement with nine insurance companies in the country for this purpose. Workers can get up to 60 percent of their wages if they lose their jobs for reasons other than their own. In case of loss of job, employees in the first category will receive a maximum of Dh10,000 and employees in the second category will receive a maximum of Dh20,000. The application must be submitted within 30 days from the date of loss of employment. Once the application is accepted, the payment will be received within two weeks. You can get money up to a maximum of three months.
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This claim is only available to those who have worked for at least 12 consecutive months after becoming a member of this insurance scheme. Similarly, if they take up another job or leave the country, they will not get this amount through the scheme. Similarly, those who have been dismissed as part of disciplinary proceedings from the employing organization will not get the insurance amount. Similarly, investors, domestic workers, self-employed persons, persons below 18 years of age, temporary contract workers, persons who have retired from one job on benefits and joined another job are not eligible for the scheme.
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