• Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Sunday, May 28, 2023
Daily The Business
  • Login
  • Home
  • World
  • Economy
  • Opinion
  • Markets
  • Tech
  • Real Estate
No Result
View All Result
Subscribe
DTB
  • Home
  • World
  • Economy
  • Opinion
  • Markets
  • Tech
  • Real Estate
No Result
View All Result
DTB
Home NEWS

UAE employees should not delay signing up for Involuntary Loss of Employment scheme

by DTB
January 20, 2023
in NEWS
Reading Time: 2 mins read
126 7
A A
0
38
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
Stock - UAE jobs
The cost of subscribing for the UAE job loss scheme is about the ‘price of a cup of coffee’. And the benefits that accrue to employees are manifold.
Image Credit: Virendra Saklani/Gulf News

Dubai: Sign up for the UAE’s new job loss insurance coverage at the earliest and thus extend short-term financial protection for the individual and the family, suggest industry sources. More than 60,000 employees in the UAE with various organizations have already done so in the first 48 hours of the Involuntary Loss of Employment (ILOE) scheme opening for subscription on January 1.

“The cost for subscribing to the ILOE is the same as the price of a cup of coffee,” said Rajendran M, Managing Director – Middle East at Al Futtaim Willis. “Moreover, the scheme is holistic – it protects the needs of the entire family.

“Employees can supplement their savings and keep their families in the UAE with this amount. They are not forced to send them back home.”

The scheme will also act as a security blanket for entry level employees who send a big chunk of their income back home as remittances. Since this category of expats has a lower disposable income, it is highly recommended that they sign up without delays.

Insurers reckon this is just the beginning of the scheme and evolve to provide better coverage. Rajendran said the plan, currently limited to three months payouts after a job loss, could extend to six months, for instance.

“Three months is a short time for unemployed expatriates to find another job,” he added. “As the scheme progresses, I believe it can extend up to six months and provide additional benefits, especially to those in a lower income category.”

Though the payout from the insurance policy would not maintain the individual’s standards of living, it would help them get through a difficult time. The UAE Ministry of Human Resources and Emiratization’s primary focus is to protect employees’ interests.

“The initiative is revolutionary, especially after COVID-19 retrenchments in 2020,” Rajendran said. “Many were hit with sudden job losses during that time. Initiatives like these are a great way to ensure employee welfare.”

Change at the workplace

According to Dr. Gary Pheiffer, Assistant Professor, Department of Psychology, Heriot-Watt University Dubai, said the scheme would change the nature of the employee–employer relationships. “Earlier, we had a static view of the labour market. But, we are no longer an insular economy, and we are changing and adopting innovative models by giving people a sense of security.

“The scheme can retain fluidity in the labour market as people do not have to return to their home countries. They can stay and look for other jobs.”

Plus, the job seeker visa, introduced last year, can be used by expatriates, giving them the freedom to look for other options legally.

Read More

DTB

DTB

American Dollar Exchange Rate
  • Trending
  • Comments
  • Latest
How to avoid buyer’s remorse when raising venture capital

How to avoid buyer’s remorse when raising venture capital

July 2, 2022
Dubai's real estate sector

Dubai: Villa prices post double-digit growth in August 2021

October 23, 2021
9th World Strength Lifting & Incline Bench Press Championship 2022

9th World Strength Lifting & Incline Bench Press Championship 2022 Kyrgyzstan

September 10, 2022
real estate transactions in Dubai

AED7.2 bn in week-long real estate transactions in Dubai

October 23, 2021
Afghanistan remittance payouts limited to local currency -sources

Afghanistan remittance payouts limited to local currency -sources

0
Saudi Arabia Bans Ministers From Sitting on Company Boards

Saudi Arabia Bans Ministers From Sitting on Company Boards

0
SAIF Zone takes part in The Big 5

SAIF Zone takes part in The Big 5

0
Jafza to showcase its core competencies

Jafza to showcase its core competencies in the construction and building materials sector at The Big 5 2021

0
A Vancouver bakery owner said caught a thief breaking in on video — he swept the floor, took some selfies, and left with 6 cupcakes

A Vancouver bakery owner said caught a thief breaking in on video — he swept the floor, took some selfies, and left with 6 cupcakes

May 28, 2023
I flew from Dubai to London in economy class on an Emirates A380. The service was exceptional, but the colossal plane felt outdated.

I flew from Dubai to London in economy class on an Emirates A380. The service was exceptional, but the colossal plane felt outdated.

May 28, 2023
Why a millennial with $134,000 in student debt hasn't made payments while living abroad for nearly a decade

Why a millennial with $134,000 in student debt hasn’t made payments while living abroad for nearly a decade

May 28, 2023
Russia's being more cautious with its tanks and trying to hide them after heavy losses in battle, but it's shooting itself in the foot

Russia’s being more cautious with its tanks and trying to hide them after heavy losses in battle, but it’s shooting itself in the foot

May 28, 2023
  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Write us: info@dailythebusiness.com

© 2021 Daily The Business

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
    • Daily The Business
    • Home 2
    • Home 3
    • Home 4
    • Home 5
  • World
  • Economy
  • Opinion
  • Markets
  • Tech
  • Real Estate

© 2021 Daily The Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In