Why the unemployment pay scheme is a vital safety net - Pocketful of Dirhams

The UAE’s Unemployment Insurance Scheme took effect earlier this month, giving all Emirati and foreign employees in the country a vital cash safety net if they lose their job.

The mandatory social security support system is based on 60 per cent of an employee’s basic salary and is capped at a maximum of three months, the Ministry of Human Resources and Emiratisation said.

Majority of UAE employers plan to hire more staff in 2023

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While the finer details have yet to be announced, financial experts have welcomed the move but say it is imperative that people also set up an emergency savings fund, rather than rely solely on the unemployment benefits.

Host Felicity Glover is joined by Keren Bobker, an independent financial adviser and senior partner with Holborn Assets, to discuss the benefits of the social security scheme.

Hosted by Felicity Glover

Produced by Arthur Eddyson and Thomas Smith

Listen to last month’s episode on the pros and cons of fractional property investing:

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

RACE RESULTS

1. Valtteri Bottas (FIN/Mercedes) 1hr 21min 48.527sec
2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps

UAE currency: the story behind the money in your pockets

While you're here

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