Al Ansari Exchange and Dubai Insurance signed a strategic partnership to facilitate the collection of the Involuntary Loss of Employment Insurance Scheme (ILOE) subscriptions. Through the partnership, Al Ansari Exchange will be the first exchange company to collect insurance subscriptions through its network of branches.
The UAE government introduced a mandatory ILOE Insurance Scheme to cover employees (Emirati and residents) working in the private and government sectors and the event of involuntary loss of employment. The scheme came into effect on January 1st 2023. The scheme offers employees a range of benefits and safeguards their financial landscape during unemployment, should terms be met. Al Ansari Exchange will collect subscriptions for the insurance scheme on a monthly, quarterly, half-yearly or yearly basis, in line with its vision to expand its offerings and solidify its position as a trusted financial services company.
WHAT ARE THE BENEFITS:
- The monthly compensation benefit is 60% of the average basic salary for the past six (6) months before the loss of employment.
- Workers who have a basic salary of less than 16,000 AED can benefit from a monthly compensation of up to 10,000 AED for up to three (3) consecutive months.
- Workers with a basic salary above 16,000 AED can benefit from a monthly compensation of up to 20,000 AED for up to three (3) consecutive months.