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What is “Exchange Rate Protection” scheme?

April 26, 2017rate Scheme

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What is “Exchange Rate Protection” scheme?

1 Answer

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UAE-based expatriate employees irrespective of nationality, grade or position are covered by the Exchange Rate Protection (ERP) scheme, unless from the USA or any country where the currency is fixed against the US dollar. The ERP scheme is intended to provide you reasonable protection if you are adversely affected by exchange rate fluctuations to the currency of your nation or the place of your permanent residence. Your ERP currency will be given as per the country of your Annual Leave Destination, and once your ERP is determined it can never be changed. Under the ERP Scheme, 50% of the net basic salary received each month is protected up to a maximum of 15%.