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Early introduction of low cost insurance

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Magazine Issue: 
Disruption of the supply chain, the Pandora’s box [3]
Magazine date: 
Jun 2018

The UAE government has planned to abolish bank guarantees provided by private companies when recruiting their employees. In return, the government proposes the introduction of a "low cost" insurance scheme with a premium of up to 60 AED (16 USD) per year and per worker instead of the 3 000 AED (816 USD) paid under the previous scheme.

The new guarantee covers end-of-service benefits, overtime, unpaid wages, airline tickets and work accidents. The objective is to protect the rights of employees and reduce the burden of corporate business.
As a result, the companies are expected to save 14 billion AED (3.811 billion USD). This amount is good enough to encourage investment in the country.

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Thu, 21/06/2018 - 14:38

Source URL: https://www.atlas-mag.net/en/article/early-introduction-of-low-cost-insurance

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