Al Ansari Exchange and Dubai Insurance partner to facilitate subscription to the Involuntary Loss of Employment Insurance Scheme
04 Jan 2023
Al Ansari Exchange becomes the first exchange company to facilitate subscriptions for the unemployment insurance scheme recently introduced by the UAE Government.
Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, signed a strategic partnership with Dubai Insurance, the leader and administrator of the insurance pool, to facilitate the collection of the Involuntary Loss of Employment Insurance Scheme (ILOE) subscriptions. Through this partnership, Al Ansari Exchange will now be the first exchange company to collect subscriptions for the insurance scheme through its network of more than 220 branches. Key representatives of both entities attended the signing ceremony.
The UAE government has introduced a mandatory ILOE Insurance Scheme, which will cover all employees (Emirati and residents) working in both the government and private sectors in the event of an involuntary loss of employment, effective 1 January 2023. The insurance scheme supports employees by offering a range of benefits and safeguarding their financial landscape during unemployment, considering adherence to certain factors. Al Ansari Exchange will collect subscriptions for the scheme monthly, quarterly, half-yearly or yearly in line with its vision to expand its offerings and solidify its position as a trusted financial services company.
Mohammad Bitar, Deputy CEO of Al Ansari Exchange, stated: “Our latest association with Dubai Insurance is in line with our vision to strengthen our services and support the workforce of the UAE. We are proud to support the UAE’s Involuntary Loss of Employment Insurance Scheme, which ensures its residents’ well-being during their unemployment. By partnering with Dubai Insurance, we hope to facilitate a well-structured scheme that can assist employees during uncertain times while extending our services to a wider range of audiences and sectors.”
Abdellatif Abuqurah, CEO of Dubai Insurance, commented: “We are delighted to announce the partnership with one of the most prominent names in the financial service across the UAE. This partnership will allow a large segment of the workforce to subscribe to the Involuntary Loss of Employment, ILOE, in very easy and efficient steps.”
- Monthly compensation benefit is 60% of the average basic salary for the past 6 months prior to the loss of employment
- For the workers who have a basic salary less than 16,000 AED, they can benefit from a monthly compensation up to 10,000 AED for up to 3 consecutive months
- For the workers who have a basic salary above 16,000 AED, they can benefit from a monthly compensation up to 20,000 AED for up to 3 consecutive months.