Companies in the UAE are encouraging as well as enrolling their employees on the job loss insurance scheme, which came into effect on January 1, 2023. The UAE made it mandatory for Emirati and expat employees working in the private and federal government departments to subscribe to the Involuntary Loss of Employment (ILOE) insurance scheme before June 30, failing which they will be subject to a Dh400 fine. During the first two days of the year, more than 60,000 employees had signed up for the scheme. In addition to enrolling, companies can also pay premiums on behalf of their employees and can either deduct them later from their salaries or contribute to the scheme as an incentive. Dr Thumbay Moideen, founder president, Thumbay Group, said they’re encouraging employees to subscribe to the scheme as it will help them in case of a job loss, by assisting them to pay bills and take sufficient time to make the right decisions about their future. In addition, he said, this initiative encourages greater confidence in developing a career in the UAE.

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