17:31
16:33
11:26
10:24
11:50
09:48
17:31
16:33
11:26
10:24
11:50
09:48
17:31
16:33
11:26
10:24
11:50
09:48
17:31
16:33
11:26
10:24
11:50
09:48
The UAE plans to launch an insurance scheme that aims to provide protection for employees in the private sector and the UAE’s federal government, WAM reported.
Under the scheme, employees will be provided with a cash compensation for a limited period not exceeding three months for each claim in the event of job termination for reasons beyond their control.
The insurance scheme is divided into two categories – the first covering those with a basic salary of AED 16,000 and less. The insurance cost for the insured employee in this category is set at AED 5 per month, which is AED 60 annually. The second category includes those with a basic salary exceeding AED16,000, and the insurance cost is AED 10 per month, which is AED 120 annually.
Employees working on a commission basis can also subscribe to the scheme.
The payment can be made by the employee monthly, quarterly, half-yearly, or on an annual basis. The value of the insurance policy is subject to value-added tax (VAT),
WAM said.
Under the new scheme, the value of the monthly compensation will not exceed AED 10,000 and AED 20,000 for the first and second category, respectively.
The insurance coverage compensation is calculated on a monthly basis at the rate of 60 percent of the basic salary and for a maximum of three months for each claim from the date of unemployment.
To obtain the compensation, the employee must submit the claim through the three approved claim channels, which are the insurance pool’s e-portal, the insurance pool’s smart application, and the insurance pool’s call centre.
The claim must be submitted within 30 days from the date of unemployment, while the compensation will be paid within two weeks from the date of the claim and capped at a maximum of three months per claim.