Employees in the UAE can now enrol in the mandatory job loss insurance scheme using the Botim app.
Referred to as the Involuntary Loss of Employment (ILOE) insurance scheme, employees within the private sector, federal government departments, and free zones must sign up for it before October 1, or face fines.
Astra Tech, a consumer technology holding group, has partnered with Dubai Insurance Company, the manager of the ILOE insurance pool, to provide this scheme through the Botim app. This establishes the app as the first to integrate this government-mandated insurance initiative. Additionally, the app is offering its VIP membership as an added incentive for subscribers.
Subscribers to the ILOE scheme will be eligible for cash compensation in case of involuntary loss of employment, according to a Khaleej Times report. Those laid off for non-disciplinary reasons will receive 60% of their basic salary, provided they have been subscribed to the scheme for at least 12 months.
Employees with a basic salary below AED16,000 will receive a maximum three-month compensation of up to AED10,000 per month. The premium for this scheme is AED5 + VAT per month. For those with a basic salary of AED16,000 and above, a monthly compensation of up to AED20,000 per month for three months will be provided. The premium in this case would be AED10 + VAT per month.
Failure to subscribe to the scheme before the October 1 deadline will result in a AED400 fine.
Besides Botim, other channels that offer the ILOE scheme include the ILOE app and website, Al Ansari Exchange, business centers Tawjeeh and Tasheel, and kiosks, among others.
What are your thoughts on this story? Please feel free to share your comments below.
