(Bloomberg) -- Sign up for our Middle East newsletter and follow us @middleeast for news on the region.
The UAE to provide unemployment insurance to all workers in the country, state-run WAM news agency reports.
- Plan is part of efforts to attract and retain employees by reducing business risks
- Employees who lose their jobs will receive cash support for a period of time until the employee finds another job, Gulf News reports, citing Abdulrahman Al Awar, Minister for Human Resources and Emiratisation
- As of 2023, employees will have to contribute to unemployment insurance plan through insurance companies
- Unemployment insurance fees may range between 40 dirhams and 100 dirhams per year; plan will include paying 60% of the worker’s basic salary for a certain period
- UAE workers in public and private sectors to benefit from program; it applies to all nationalities
- NOTE: The UAE, made up of seven emirates including Dubai and Abu Dhabi, has been introducing new labor regulations that make it easier for foreigners to work
- Foreign residents make up more than 80% of the population of the UAE and have been a mainstay of the economy
- UAE Cabinet Approves New Entry, Residence Scheme for Foreigners
©2022 Bloomberg L.P.