Job Loss Insurance Scheme Draws 250,000 Subscribers In Less Than 2 Weeks

KEY POINTS

Subscribers to the scheme quadrupled since the beginning of January
86 percent of the participants subscribed via ILOE website
90 percent of participants opted for an annual subscription

Nearly 250,000 people have signed up for UAE's Involuntary Loss of Employment (ILOE) scheme since the beginning of January.

Abdulrahman Al Awar, Minister of Human Resources and Emiratization, announced Thursday that the number had quadrupled in just 10 days after receiving 60,000 subscribers in the first two days of the month.

"The number jumped to 250,000 registered employees on Thursday. We are very proud and happy about that," he said.

A report by the Ministry of Human Resources and Emiratization (MHRE) stated in the first two days of the scheme, 86 percent of participants subscribed via the website https://www.iloe.ae. Managed by the Dubai Insurance Company, the website is just one of the seven channels through which people can sign up for the scheme.

Other participants subscribed to the scheme via the insurance company's smart application, self-service kiosks, businessmen service centers, Al Ansari Exchange, and smartphone applications of various banks across the country.

The MHRE report also revealed that 90 percent of the participants chose to subscribe to the scheme annually, an option that is divided into two categories of individuals covered by the insurance. While the first includes people whose basic wage is Dh 16,000 or less and the second consists of those whose basic wage is more than Dh 16,000.

Participants under the first category are required to pay an annual subscription fee of Dh 60, while those under the second category should pay an annual fee of Dh 120. Those who choose to subscribe to the scheme on a monthly basis are also divided into two categories, depending on their basic wage. The subscription amount for those earning Dh 16,000 and below can pay Dh 5 per month, while those who earn above Dh 16,000 can pay Dh 10 per month.

The ILOE scheme involves paying Emiratis and UAE residents in both the public and private sectors a cash sum for three months if they lose their jobs. The purpose of the scheme is to ensure support for them as they search for another job in the market.

"We believe this will become a very important policy to attract and retain talent in the UAE," Al Awar added.