Wages Protection System (WPS ) is an electronic salary transfer system that allows institutions to pay workers’ wages via banks, bureaux de change, and financial institutions approved and authorized to provide the service.
The system, developed by the Central Bank of the UAE, allows the Ministry of Labour to create a database that records wage payments in the private sector to guarantee the timely and full payment of agreed-upon wages.
The WPS covers all institutions registered with the Ministry across all sectors and industries and will benefit different categories of labour.
The WPS reflects the UAE's leading position in the region, and will increasingly project the country as a model worth emulating in the following areas:
- Reiterating commitment to protect workers’ wages;
- Providing innovative solutions that help employers safeguard their own interests and reduce the time and effort needed to pay workers' wages;
- Taking serious steps to improve job security in order to strengthen work relationships in the UAE and safeguard the rights of all parties concerned;
- Entrenching transparency and competitiveness;
- Ensuring that the UAE Ministry of Labour is regularly and constantly updated on wages data in the private sector in order to guarantee that employers fulfill their salary obligations;
- Taking protective and proactive measures to reduce labour disputes pertaining to wages.
WPS targets the following parties from the Ministry partners:
· Workers: each and every individual who works in the private sector in return for agreed-upon wages and who has a labour card issued by the Ministry;
· Employers: whoever owns a company or institution registered with the Ministry and hires one or more workers in return for agreed-upon wages;
· Banks: the financial institution which the employer has a bank account with,, that is used to transfer the wages amount through WPS to the appointed agent to distribute to the labours.
· Agent: any bank, bureau de change, or financial institution approved and authorized by the Central Bank of the UAE to offer wages payment services via WPS. The Central Bank of the UAE will issue a regularly updated list showing names of approved and authorized agents.
No comments:
Post a Comment