The United Arab Emirates (UAE) residents who were among the first to subscribe to the mandatory insurance against job loss at the beginning of 2023 have now started receiving reminders to renew their policies.
A text message sent to UAE residents, who had subscribed to the scheme on January 1, 2023: “Your ILOE (Involuntary Loss of Employment Insurance) policy is due for renewal on January 2, 2024. Please login to your account … to update your details and renew your policy before expiration.”
As per the procedure, renewal can be done via Ministry of Human Resources and Emiratisation’s (MoHRE) digital platforms by clicking on the ‘Subscribe/Renew Here’ button.
Approximately 14% of eligible employees have yet to enroll in the mandatory scheme. However, those who subscribed early are now financially protected in the event of job loss. According to Khaleej Times, millions of residents have joined the scheme, but only those who have been subscribed for at least 12 consecutive months can claim compensation for job loss. Eligibility begins for individuals who signed up in January 2023.