The Unemployment Insurance Scheme launched in the UAE, which aims to protect private and federal government employees, has revealed the applicable costs for compensation.
Through the scheme, the employee will receive up to three-month compensation upon being terminated.
However, if the employee receives a new job within the compensation period, it is not applicable.
Two subscription plans have been set in place, with the first category aimed at individuals receiving a salary lower than Dhs 16,000, where the insurance cost is Dhs 5 per month, and the compensation will not exceed Dhs 10,000.
The second category is for individuals with a salary exceeding Dhs 16,000, who will be eligible for compensation up to Dhs 20,000, with the insurance cost set at Dhs 10 per month.
The insurance compensation is calculated on a monthly basis at the rate of 60% of the basic salary.
Payments towards the scheme can be made on a monthly, quarterly, half-yearly or annual basis.
Subscriptions can be applied and paid through SMS, bank ATMs and kiosk machines, the insurance pools' website and application, business service centres, money exchange companies, du and Etisalat and any other channel that is decided upon at a later stage.