New news came out regarding UAE unemployment insurance scheme
A new scheme has been launched for workers in the United Arab Emirates, which has come into effect from 1 January 2023. Under this scheme, such workers who lose their jobs will be given financial assistance for about 3 months. The government says that this scheme will prove to be very helpful for the workers.
Investment made mandatory for all
Actually it is mandatory to invest in this scheme. That is, government employees including private have to invest in this scheme. If a person does not invest in this scheme then a fine will be imposed against him. It is also necessary for expatriates to invest in this scheme.
Financial assistance will be available for three months, investment will be very less
According to the Involuntary Loss of Employment (ILOE) website, the last date for investment in this scheme has also been fixed. The last date for registration in this scheme is 30 June 2023. If someone does not register till this time, then he will be fined Dh400 i.e. around 9 thousand rupees. According to the Ministry of Human Resources and Emiratisation (MoHRE), it can be invested at a very low cost. Investments can be started with as little as Dh5 to Dh10. In case of loss of job, the worker will be given financial assistance for 3 months.
UAE: Applicable from January 1, 2023, will get financial help even after leaving the job, know the process
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