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WHAT IS WPS SYSTEM IN UAE?
Wages Protection System (WPS) is an electronic salary transfer system. It allows institutions to pay wages through approved and authorized banks, bureaux de change, and financial institutions. The UAE Central developed this system. Accordingly, It enables the Ministry of Labor to create a database that records wage payments in the private sector. It ensures timely and complete payment of agreed-upon wages. The WPS applies to all institutions registered with the Ministry, across all sectors and industries, at this instant It will benefit various labor categories.
Why do we require WPS Services in the UAE?
Generally, by ensuring that UAE companies pay agreed-upon wages on time, the WPS system in UAE helps to reduce cases of labor and industrial disputes. The system protects workers’ rights and ensures the employer-employee relationship is transparent.
Employers, on the other hand, benefit from it. However, for starters automating and streamlining their payroll process saves them time and money. The WPS records is used as legal proof for employers that a worker falsely claims to be underpaid
How can one sign up for WPS?
The following prerequisites must be understood before signing up for WPS System In UAE:
Any UAE-registered bank where you open a corporate bank account is required.
You must enter into a contract with a WPS agent who will be in charge of paying your employees’ salary.
By the deadlines indicated in the Ministerial Decree, you must transmit wages via the WPS
You must pay the wages or salaries of your entire personnel (which allows for some levels of deductions on salaries).
Any bank charges, expenses, provider fees, and other relevant payment costs are your responsibility.
The Ministry Partners’ parties Attacked by WPS
Workers: All those with jobs in the private sector who are paid a set pay and have a work permit issued by the Ministry
Employers: The owner of a business registered with the Ministry that hires one or more people to do work for them in exchange for a salary that has been agreed upon;
Banks: A financial institution that holds employer corporate accounts and uses those accounts to transmit wages via WPS to the designated agent, who then distributes them to the workers.
Agent: Any bank, bureau de change, or other financial institution that has been given permission by the UAE Central Bank to offer WPS services for the payment of wages. The Central Bank of the UAE is published a list of these agents and is frequently updated.
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