UAE-based foreign exchange and remittance company Al Ansari Exchange has signed an agreement with Dubai Insurance to facilitate the collection of involuntary unemployment insurance scheme (ILOE) subscriptions.
Through this partnership, Al Ansari Exchange will now be the first exchange company to collect insurance plan subscriptions through its network of more than 220 branches. Representatives from both parties attended the signing ceremony.
The UAE government has launched a mandatory ILOE insurance scheme that will cover all government and private sector employees (UAE and residents) against involuntary unemployment, effective 1 January 2023.
Taking into account compliance with certain factors, insurance plans support employees by providing a range of benefits and protecting their financial situation during unemployment. Al Ansari Exchange will collect subscriptions for the program on a monthly, quarterly, semi-annual or annual basis, in line with its vision to broaden its offerings and strengthen its position as a trusted financial services company.
Mohammad Bitar, Deputy CEO of Al Ansari Exchange, said: “We are proud to support the UAE’s Involuntary Unemployment Insurance Scheme, which ensures the well-being of its residents during periods of unemployment. By partnering with Dubai Insurance, we hope to facilitate a well-structured scheme can assist employees during uncertain times, while extending our services to a wider audience and industry.”
Abdellatif Abuqurah, CEO of Dubai Insurance, commented: “This partnership will enable a large part of the workforce to subscribe to the Involuntary Unemployment ILOE in very simple and effective steps.”
The monthly compensation is 60% of the average basic salary in the first 6 months of unemployment
· For workers whose basic salary is less than AED 16,000 (US$ 4,356), they can enjoy compensation of up to AED 10,000 per month for up to 3 consecutive months
· For workers whose basic salary is above Dh16,000, they can enjoy monthly compensation of up to Dh20,000 for 3 consecutive months. — trade arab news agency