One hundred thousand workers in the United Arab Emirates (UAE) are now receiving their wages through the Wage Protection System (WPS), ahead of it coming into effect in October, according to a news article by the Khaleej Times Online. The number of workers who received salaries through WPS increased from 28, 000 in June to 100, 000 during July and August. The WPS will by officially operational with September salaries, which are due in early October.
WPS is an electronic initiative to safeguard payment of workers’ wages via transfers through selected financial institutions that are authorised and regulated by the government. The system was developed by the central bank to support work of the ministry through setting up of the database on payment of workers’ salaries by the private sector. The UAE Central Bank has issued 35 banks out of 54 operating in the country, as well as 15 exchange offices licenses for WPS service early September.
“The response to the WPS reflects consciousness about the system, particularly after the visit of vice president and prime minister of UAE Shaikh Mohammed bin Rashid Al Maktoum, and his support to this innovative initiative in line with the Cabinet decision number 1/133 of year 2007, on obliging firms to transfer salaries through the banks in accordance with the directives of the federal government to enhance services rendered to employees to achieve e-government system,” said UAE Labour Minister Saqr Ghobash.
The Labour minister stressed the significance of the private sector as a basic partner in building this system. Employers will be able to save time, effort and money, and also raise labour productivity.
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