Jeddah: The United Arab Emirates has announced an important insurance scheme for workers in the country’s private and government sectors, local media reported on Thursday. The unique scheme that aims to protect employees of all nationalities against the risk of job loss.

During a media briefing on Thursday, Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, confirmed that employees who lose their jobs under unforeseen circumstances will receive cash support for a limited period until they find an alternative. If the terminated employee did not find another job after a period of time, the cash support will be cut off, noted the minister, without specifying the time-frame within which the support will last.

Al Awar stressed that the mandatory insurance package will cost workers an amount that ranges from Dh40 to Dh100 annually, according to reports. Employees will be able to apply for different annual packages through insurance companies to secure themselves against a potential job loss.

The redundancy payment will enable insured workers who suddenly lose their jobs to retrieve 60 per cent of their basic salaries with a maximum amount of Dh20,000 per month. However, employees have the option to apply for higher insurance packages. The scheme does not apply to investors, domestic workers, temporary contract workers, those who newly entered a job, reports said.

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