In brief The scope of the UAE’s mandatory employee unemployment insurance scheme has been extended. Effective immediately, all employees in the UAE (except for employees employed by the local government) must register within the required timeline. This includes employees employed by free zone companies. You can view a summary of the scheme in our previous client alert. What’s next? Registration All employees in the UAE must enroll with the unemployment insurance scheme and commence paying insurance…
In brief The UAE Government has recently announced legislation requiring employees in the Federal Government and private sector to register in an unemployment insurance scheme. The scheme is designed to provide financial support to employees in the event that the employee loses their job. What do employees need to do? Employees must register with an unemployment insurance scheme starting from 1 January 2023.Unemployment insurance schemes are provided by a number of selected insurance providers in…
What has changed? The maximum three-year limit for fixed term contracts has been removed. While contracts still require to be for a limited term, employers now have flexibility with regards to the length of the term. We have already prepared and have been using our new contract templates (and issued contract amendments converting unlimited term contracts to limited term contracts). Do we need to change all of our contracts again? Unlikely. We expect that the…
The Capital Market Authority (the CMA) continues to drive the development of the Saudi capital markets in furtherance of the Saudi Vision 2030’s Financial Sector Development Program with the issue of its draft proposed amendments to some of its key implementing regulations on 23 December 2019. The proposed changes are to its Securities Business Regulations (SBRs) and the Authorised Persons Regulations (APRs), which will presumably become known as the ‘Capital Market Institutions Regulations’ with the…
Over the last few days, there have been a number of significant developments in Saudi Arabia that the government is instituting to mitigate the impact of COVID-19 on the private sector. These are in addition to the general government initiatives to assist small and medium sized enterprises that we previously reported on 22 March 2020, and the seven Ministry of Human Resources and Social Development (MHRSD) initiatives for all private sector entities, including lifting the…