UAE is a global hub and hundreds and thousands of expatriates flock in to the country every year in search of better job opportunities. Apart from the locals themselves, thousands of expatriates have made their way to UAE in search of their bread and butter. However, people residing within UAE know how complicated and tricky the whole employee and employer dynamics can be.
According to the older policy, it was mandatory for the employer to deposit a fee of DH 3000 to the Ministry as a means of guarantee and confirmation of employing that certain individual. However, the Ministry of Human Resources and Emiratisation has recently come up with a newer policy where the employees would be refunded and returned the deposited money after they submit a proof document explaining the employer did not commit any visa violations.
In this context, the Ministry has tied up with Dubai Insurance Company to introduce a new insurance plan for registered employees in the private as well as domestic sectors. This new policy will even cover the areas like unpaid wages, end of service benefits, gratuity, leave and overtime allowance introducing a return ticket back to their countries upon the provision of proof.
Upon this, the Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum was recorded commenting: “The new low-cost insurance scheme will release Dhs 14 billion back into the private sector and added that this will reduce the cost and boost the ease of doing business in the UAE”.
Thus, we at dxboffplan.com, hope and believe that this advancement will benefit the employees as well as business owners a security of their future and further fuel property investments in the UAE.