Maldives government’s decision of surging work permit insurance receives negative welcome from local businesses.
Moreover, the state’s recent decision does not come as favorable for many businesses which are still attempting recovery from Covid-19 impact.
The work permit insurance bump is resultant of Ministry of Economic Development’s newest policy.
Furthermore, the government body made fixes on work permit insurance packages while seeking insurance agencies willing to provide service with accordance to their guidelines.
Prior to state’s recent move, Allied Insurance stood as the only local agency providing said service.
Meanwhile, work permit insurance service is now available for open market.
The new move also makes Ministry of Economic Development, the controlling body on work permit insurance prices.
Earlier, companies made settlements of MVR550 per expat under the insurance package.
However, the recent bump enforces companies to settle MVR800 per expat.
With the new policy in place, companies must acquire insurance packages of MVR100,000.