How to Refund Bank Guarantee and Apply for Insurance
The UAE new Insurance Policy 2018 and UAE bank Guarantee refund 2018 rules which announced by UAE Cabinet in July to begin from 15 October 2018.
UAE Insurance Policy Rules 2018:
The new
insurance policy replaces existing 3000 AED bank guarantee system which just costs 60 AED annually, providing coverage upto 20,000 AED per
worker.
Which are the Benefits to be Cover in New Insurance Policy:
The latest insurance
policy covers below benefits:
1: End-of-service
benefits
2: Vacation allowance
3: Overtime
allowance
4: Unpaid wages
5: Worker’s return ticket
6: Cases of injuries
at work place
New Insurance Policy for Domestic Workers:
The new insurance
policy 2018 of domestic workers also covers the cost of replacing the domestic worker
in cases of his/her interruption of work, health issues or the wish (of the
domestic worker) to cancel the working relationship.
End of Service Benefits for Domestic Workers:
In case of
non-payment by employer (company), it also covers a domestic worker's unpaid
wages and his/her financial benefits which include end-of-service and leave
allowances and overtime allowance.
How to Apply for New Insurance Scheme:
The assistant undersecretary,
Aisha Bel Harfia said that establishments registered with the ministry will
have 2 options to collect bank guarantees and buy new insurance 2018
for employers.
Option 1:
The first is to
buy insurance that can be issued immediately after typing the work permit
application at Tasheel or other establishments that can complete their own
applications using the Tasheel e-service.
Option 2:
The other option
is to submit 3000 AED bank guarantee refund on behalf of the
employee (worker), as per the rules and regulations of the current bank
guarantee system, which will be available alongside the new insurance
system.
This will allow
employers (companies) to pick the option that suits them.
How to Refund Bank Guarantees in UAE:
The bank
guarantees will be refunded to establishments (companies) when cancelling work
permits of workers covered by these guarantees, which will thereby (also) end
the working relationship between both parties (employer and employee) or when purchasing
the new insurance policy upon renewal of the employee’s work permit, on the
condition that the company has not committed violations (no fines) related to
non-payment of salaries during the last 6 months before the renewal of the
expired work permit.
Apply Insurance through Tasheel, Tadbeer Service Centres:
Service Bel
Harfia clarified that the insurance document will be issued upon submitting
applications through either Tasheel or Tadbeer service centres.
Insurance
documents for private sector employees and domestic workers registered with MOHRE
(ministry) will be issued through an insurance corporation that includes
national insurance companies operating across UAE, which have been chosen
according to specific criteria.
So, if you wanted
to apply for bank guarantee refund, it’s your time to do it, as the
issuance of new UAE insurance 2018 for employees is already started from
October 15.
How to refund Bank Guarantee in UAE
ReplyDeleteHow to refund bank guarantee in uae after job
ReplyDeleteTo refund your bank guarantee, you should be the sponsor (owner), employee cannot refund their deposits.
DeleteHi,
ReplyDeleteWhat are the documents needed for requesting bank guarantee refund? can it be done online through mobile app?
I have cancel my wife and kids visas and now i want bank gurantee 300 each. My visa is partner visa thats why required 3000 for family each memeber now where to go and how refund back
ReplyDeleteIf trade license is expired, may I get refund of bank guarantee of staff already resigned and of working staff? Kindly guide and advise.
ReplyDeleteyes you can get if trade license is expired
DeleteIf trade license is expired, may I get refund of bank guarantee of staff already resigned and of working staff? Kindly guide and advise.
ReplyDeleteEXPIRED IS NOT A ISSUE TO REFUND BANK GUARANTEES
ReplyDeletehow to take bank guarantee for employee in dubai airport freezone company ? what are the procedures involved?
ReplyDeleteHi..I have similar question..My visa cancel 4 month ago..My deposit 3000 aed keepimf owner company and dont wabt to give me back money.What i should do and what could do owner? Coz this deposit i paid by my self.Thank u.
ReplyDelete