The unemployment insurance scheme, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will be available for both public and private sectors.
The scheme will support individuals that will have been made unemployed and will provide income support for a limited period of time.
With the scheme, a stable employment market will be created by providing 60% of a basic salary, allowing those made unemployed the time to find an alternative job.
Employees, through the scheme, will be able to apply for different annual packages with insurance companies, to cover them in the event of losing their jobs.
The fees for the packages are expected to cost people around Dhs 40 to Dhs 100 annually, which will cover 60% of the basic salary, up to a maximum amount of Dhs 20,000 per month.
The scheme will come into effect in early 2023 and will be available to all nationalities.
Investors, domestic workers, employees with temporary contracts, children aged 18 and below and retired people with pensions and new job opportunities will not be covered under the policy.