Al Ansari Exchange has become the first exchange company in the UAE to facilitate subscriptions for the unemployment insurance scheme across the country.
The UAE-based foreign exchange and money transfer company has signed a strategic partnership with Dubai Insurance to facilitate the collection of the Involuntary Loss of Employment Insurance Scheme (ILOE) subscriptions. Representatives of both entities attended the signing ceremony.
Dubai Insurance is the leader and administrator of the insurance pool.
The leading money transfer company has made it easy for the employees to subscribe to the job loss insurance scheme through Al Ansari Exchange’s network of over 220 branches across all emirates of UAE.
The mandatory job loss insurance (ILOE Insurance Scheme), which came into effect on January 1, 2023, was introduced by the UAE authorities for all government and private sector employees in case of an involuntary loss of employment.
In line with its vision to expand its offerings and solidify its position as a trusted and leading financial services company, Al Ansari Exchange will collect subscriptions monthly, quarterly, half-yearly or yearly.
Mohammad Bitar, Deputy CEO of Al Ansari Exchange, said that the latest collaboration with Dubai Insurance aligns with the company’s vision to strengthen its services and support the workforce of the UAE.
By partnering with Dubai Insurance, Bitar said, Al Ansari Exchange is proud to support the UAE’s Involuntary Loss of Employment Insurance Scheme, which ensures residents’ well-being in case of job loss.
Abdellatif Abuqurah, CEO of Dubai Insurance, stated that his company’s partnership with Al Ansari Exchange would enable a large segment of the UAE workforce to subscribe to the job loss insurance scheme in easy and efficient steps.
Benefits of UAE job loss insurance scheme
- Monthly compensation benefit is 60 percent of the average basic salary for the past six months prior to the loss of employment/job.
- For UAE workers who have a basic salary of less than Dhs16,000 can benefit from a monthly compensation of up to Dhs10,000 for up to three consecutive months.
- For workers who have a basic salary above Dhs16,000 can benefit from a monthly compensation of up to Dhs20,000 for up to three consecutive months.
- Unemployment insurance scheme supports workers by offering a range of benefits.
- The insurance scheme safeguards employees’ financial landscape during unemployment, considering adherence to certain factors.
tanvir@dubainewsweek.com
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