UAE unemployment insurance system will help workers with cash in event of job loss

Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced on Monday the adoption of an unemployment insurance system, aimed at compensating the insured worker with a cash amount for a limited period in the event of job loss.

This came while Sheikh Mohammed chaired a meeting of the Council of Ministers at Qasr Al Watan in the capital, Abu Dhabi.

Sheikh Mohammed said in a series of tweets on his account on the social networking site Twitter: "Today, the Union government resumed its work after the Eid Al-Fitr holiday, and chaired a meeting of the Council of Ministers at the Al Watan Palace in the capital, Abu Dhabi... The first decision in our session was a new housing policy within the Zayed Housing Programme. And a new financing program for housing loans worth Dhs11.5 billion, benefiting 13,000 citizen families.

Sheikh Mohammed added: “We have also approved a new system to enhance the presence of our national cadres in the private sector, by raising the Emiratisation rates by 2% annually for skilled jobs in private sector establishments with more than 50 employees, to reach 10% in 2026.

This is done in cooperation with the Nafees Program and through financial advantages for enterprises to support the employment of these cadres.

Sheikh Mohammed continued, "Today we also adopted a system of unemployment insurance. Its aim is to compensate the insured worker with a cash amount for a limited period in the event of his being unemployed. The aim is to enhance the competitiveness of the labor market, provide a social umbrella for its workers, and establish a stable work environment for all."

He affirmed: "Today we have also adopted a new system for the governance of government higher education institutions and our national universities... to provide them with greater flexibility and independence... while setting clear performance indicators for their work, in a way that enhances the financial efficiency of these institutions... and supports them in achieving their educational goals."

He said: "We also approved today in the Council of Ministers a decision allowing the publication of the names of violators of our capital market regulations and those of the Securities and Commodities Authority... while publishing the facts of these violations... The goal is to raise investment awareness... and protect our financial markets... and deter violators... and ensure Protection of all investors.

Mohammed added: "In the environmental sector, we approved the formation of the Emirates Council for Climate Action headed by the Minister of Climate Change and the membership of the relevant federal and local authorities. The goal is to develop public sectoral plans to deal with the effects of climate change and adapt to its effects, and to follow up on the implementation of the climate neutrality plans by 2050 that we previously announced."

His Highness continued: "Today we also approved the establishment of the Emirates Council for Environmental and Municipal Work, with the membership of all municipalities in the country and a group of federal ministries; With the aim of exchanging experiences and proposing regulations and legislation that advance the level of municipal work at the federal level.

Sheikh Mohammed said: "We also adopted today a decision merging the General Authority for Islamic Affairs and Endowments with the Zakat Fund and forming a new board to manage the authority. We have a great opportunity for the growth of the endowment sector in the country and the development of Zakat resources.. The new authority has a great mission to develop this sector...".

He added: "Today we adopted a decision regarding the UAE pavilion at Expo 2022 Floriad, which will be held in Amsterdam in the Netherlands. It aims to introduce the country's efforts to overcome the challenges of high temperature and water scarcity and preserve our biodiversity. This environmental exhibition is held every 10 years in the Netherlands."