It was announced late yesterday that the AED 3,000.00 Bank Guarantee for each employee applied at Labour Dept is no longer required. There is no definite date yet when will this take effect.
Every Company will be able to refund the Bank Guarantee's that are currently held on account for each employee at Labour Dept HQ in the near future.
What is proposed to replace the Bank Guarantee is a type of Insurance that the Company pays yearly for each individual, we predict the actual amount to be relatively small we are still to establish whether fixed rate or indeed any options involved.
As always we will revert on the new requirement and procedure for more updates on the matter.