Arabian Business | 4 October 2018
A new low-cost hiring insurance system, which removes the mandatory AED3,000 bank deposit for new employee hires, and replaced by a AED60 fee, will be implemented across the UAE starting on October 14, according to the country’s labour ministry.
The scheme’s main objective is to ease the process of doing business in the UAE by lowering the cost of recruitment, with a two-year insurance policy costing AED120 per employee.
Private sector firms will have their bank guarantees refunded upon the cancellation of a worker’s permit, or the renewal of a permit with the purchase of an insurance policy.
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