Bank Grantee are replaced by New Insurance For new Visas
Dubai Government from 14th of October started replacing Bank grantee of AED 3000 with just 120 AED insurance policy. This is huge change in Dubai labor policies.
The UAE has started issuing new insurance policies for workers in place of bank guarantees from Monday, the ministry of Human Resources and Emiratisation has confirmed.
The new affordable insurance policy system will seek to guarantee the wages of workers in the private sector as well as the domestic sector.
The ministry has signed an agreement for an insurance pool with the Dubai Insurance Company.
The UAE Cabinet announced in June that it had abolished the mandatory deposit of Dhs3,000 ($817) per worker that had to be paid by private companies, and replaced it with a new insurance scheme that costs Dhs60 ($16) annually per worker.
The insurance policy will cover the workers’ entitlements in terms of end of service benefits, vacation allowance, overtime allowance, unpaid wages, return airline ticket and cases of work injury – in which the coverage amounts to Dhs20,000 ($5,445) per worker.
Private sector companies will be able to recover their bank guarantees upon cancellation of a worker’s declaration of guarantee or the renewal of the worker’s permit and purchase of the insurance policy
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