The United Arab Emirates (UAE) Cabinet on May 9 approved an unemployment insurance scheme to provide income support to unemployed individuals for a limited period.
The unemployment insurance scheme was part of a series of decisions announced during the Cabinet meeting, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
What is the Unemployment Insurance Scheme?
The scheme aims to strengthen the competitiveness of the job market, providing a social umbrella for workers in case of job loss and establishing a stable work environment for all.
A housing programme of Dh11.5 billion was approved to benefit 13,000 Emirati families. The housing loans worth Dh11.5 billion were introduced after adopting a new housing policy as part of the Zayed Housing Programme, said Sheikh Mohammed after chairing the Cabinet meeting.
The Zakat Fund and the General Authority of Islamic Affairs and Awqaf will be merged into one entity managed by a new board of directors.
“We have a great opportunity for the growth of the endowment sector and growing the sources of Zakat, and the new authority has a big responsibility to develop this sector,” said Sheikh Mohammed.
Emiratisation in the private sector will be enhanced, and the cabinet has approved plans to increase Emiratisation rates by two per cent annually in skilled jobs in the private sector. By 2026, the rate will reach 10 per cent. The new system will be implemented in cooperation with Nafis, a federal program to increase the competitiveness of Emirati human resources and empower them to occupy jobs in the private sector.
Nafis was launched as part of ‘Projects of the 50’ to accelerate the UAE’s development journey and boost the economy.
Providing greater flexibility and independence for academic institutions, a new governance system for higher education institutions and national universities has also been introduced.