Losing your job can be one of the most stressful and daunting experiences imaginable, and when it occurs, it has the potential to derail even your best-laid plans completely. But it doesn’t have to leave you hopeless and destitute. With the unsettled financial climate that we’ve now entered, there’s no better time to take advantage of the safety net afforded to you by Federal Decree-Law No. 13 and the Involuntary Loss of Employment Scheme (ILOE) of 2022. Indeed, starting 1 January 2023, it will become mandatory for all employees in the UAE.
The ILOE scheme seeks to provide improved quality of life for those who have had their employment contract terminated until such a time that they find new opportunities. This is, however, subject to a few provisos and is limited to a period no longer than three consecutive months per claim.
A whole raft of benefits come with safeguarding yourself in the event of unemployment, and selecting the right plan is vital in creating a sense of stability and financial freedom. But there are eligibility considerations that need to be met before you can proceed, namely:
There are lots of ways for you to begin your ILOE subscription and the process is simple and easy to complete. Ensure your compliance with any of the following channels:
A whole raft of benefits come with safeguarding yourself in the event of unemployment, and selecting the right plan is vital in creating a sense of stability and financial freedom. Choose between monthly, quarterly, half yearly or annual payments. Let’s take a look at some of the benefits available to you.
The Dubai Insurance Company represents the insurance pool of 9 national insurance providers.
As we approach the end of the year, it’s hugely important that you get your affairs in order before the scheme comes into effect on 1 January 2023. Being prepared for sudden changes in course isn’t an admission of future failures. It simply means that you’ve considered all the outcomes and acted accordingly.