On the 14th of this October, we will be rolling out a unique and affordable #insurance scheme to replace the current "3k AED" bank guarantee system. The MoU on the insurance scheme has been signed today with an Inusrance Pool represented by Dubai Insurance Company.
#UAE
#UAE
H. E. Nasser Al Hamli: "With the new #insurance scheme, #UAE will be the first country to guarantee the wages of all workers in the private and domestic sectors"
Private sector establishments shall be able to get their bank gurantees refunded in the following two cases:
1- when a work permit is cancelled.
2- when they renew a work payment given that they buy an insurance policy instead.
1- when a work permit is cancelled.
2- when they renew a work payment given that they buy an insurance policy instead.
One of the main objectives of the new #insurance scheme is to make doing business in UAE easier and affordable. A two-year insurance policy would cost 120 AED comapred to the current 3000 AED bank gurantee model.
