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The Ras Al Khaimah Economic Zone (RAKEZ) has recently unveiled a groundbreaking initiative in collaboration with RAKINSURANCE—the Workers Protection Insurance Programme. This initiative is poised to transform the financial security landscape for workers within RAKEZ-registered companies, aligning seamlessly with the UAE’s strategic goals of enhancing employee rights and corporate governance.
A Strategic Shift from Visa Deposit Requirements to Comprehensive Insurance Coverage
The introduction of the Workers Protection Insurance Programme marks a significant shift in the approach to safeguarding workers’ rights and welfare. Traditionally, visa deposit requirements have been a standard practice for employers to ensure financial protection for their employees. However, this new insurance solution by RAKEZ and RAKINSURANCE replaces the old system with a far more comprehensive coverage plan.
Key Features of the Insurance Programme
The Workers Protection Insurance Programme offers a broad spectrum of benefits that are designed to cover various aspects of worker welfare. These include:
- Due and Unpaid Salaries: The insurance ensures that workers receive their due wages, even in the event of employer insolvency or financial difficulties.
- End-of-Service Gratuity: Workers are assured of receiving their end-of-service benefits, providing them with financial stability upon the conclusion of their employment.
- Repatriation Costs: In cases where workers need to return to their home countries, the insurance covers the cost of repatriation, offering peace of mind to both employees and employers.
- Work-Related Injuries: The programme includes coverage for medical expenses and compensation for work-related injuries, underscoring RAKEZ’s commitment to the health and safety of its workforce.
Alignment with UAE’s Strategic Goals and RAKEZ’s Vision
This innovative insurance initiative aligns with the Ministry of Human Resources & Emiratisation’s (MoHRE) broader focus on enhancing financial security for employees across the UAE. By introducing this programme, RAKEZ not only adheres to regulatory requirements but also demonstrates a proactive approach to fostering a secure and thriving business environment.
The RAKEZ Workers Protection Insurance Programme is also a reflection of Ras Al Khaimah’s vision to improve the quality of life for its workforce. By offering a safety net that goes beyond basic compliance, RAKEZ is positioning itself as a leader in corporate governance and employee welfare within the region.
A Collaborative Effort to Enhance Worker Protections
The official signing ceremony of this strategic partnership was attended by prominent figures, including RAKEZ Group CEO Ramy Jallad and RAKINSURANCE CEO Sanjeev Badyal. Their presence at the event highlights the importance of this initiative and the collaborative efforts between RAKEZ and RAKINSURANCE to enhance worker protections and support Ras Al Khaimah’s economic and social development.
Ramy Jallad’s Commitment to Workforce Well-being
In his remarks, Ramy Jallad emphasized RAKEZ’s dedication to the well-being of its workforce, stating, “At RAKEZ, we are deeply committed to the well-being of the workforce within our community. The launch of the Workers Protection Insurance Programme marks a significant milestone in our ongoing efforts to provide a secure and prosperous environment for employees of the companies registered with RAKEZ. This initiative is not just about compliance, but about going above and beyond to ensure that our business community is supported at every level. By safeguarding the interests of these workers, we strengthen the foundation of trust and stability that RAKEZ is built upon.”
Sanjeev Badyal’s Vision for a Safer Workforce Future
Echoing these sentiments, Sanjeev Badyal added, “We are thrilled to announce our partnership with RAKEZ. Together, we are launching a Workers Protection Insurance Scheme to ensure a safer and more secure future for all workers employed by businesses in RAKEZ. This collaboration demonstrates our shared commitment to employee welfare.”
Enhancing RAKEZ’s Appeal as a Premier Business Destination
The launch of the Workers Protection Insurance Programme is not only a testament to RAKEZ’s commitment to worker welfare but also enhances its reputation as a premier business destination in the region. By reducing financial risks for employers and boosting job security for employees, RAKEZ is creating a business environment that is both secure and attractive to investors.
Long-Term Benefits for Employers and Employees
For employers, this programme offers a significant reduction in financial risk, as the insurance coverage mitigates the potential liabilities associated with worker welfare. This, in turn, allows businesses to focus on growth and expansion, knowing that their workforce is protected.
For employees, the benefits are even more substantial. The assurance of financial security, especially in times of uncertainty, fosters a sense of stability and trust within the workforce. This not only enhances job satisfaction but also contributes to higher productivity and a more positive workplace culture.
Conclusion: A Forward-Thinking Initiative for Community Welfare
In conclusion, the launch of the Workers Protection Insurance Programme by RAKEZ in partnership with RAKINSURANCE represents a forward-thinking initiative that prioritizes the welfare of workers and aligns with the UAE’s strategic goals. By offering comprehensive insurance coverage, RAKEZ is setting a new standard for worker protection in the region, reinforcing its commitment to community welfare and corporate governance.
This initiative is a significant step towards creating a safer and more secure working environment, ultimately contributing to Ras Al Khaimah’s economic and social development. As RAKEZ continues to innovate and lead in the area of worker welfare, it is poised to remain a top destination for businesses and investors alike.
