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Wages Protection System (WPS) is an electronic salary transfer system that allows companies / 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.
Visit http://www.mol.gov.ae/ for detailed information
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WPS or Wage Protection System is an easy and user friendly solution for processing UAE employee’s salary system imposed by the UAE Central bank and UAE Ministry of Labor as requirements to be followed by the companies. Firms should prepare and submit documents to their respective banks like salary transfer letter, SIF file format print out whether in a soft copy or in a cd and via WPS online transfer as per provided procedures .Employees should have bank accounts (because IBAN is to be needed) if not, accounts in any exchange center around UAE that process WPS salaries. Company should coordinate to their chosen bank and exchange center from the start and each month of salary time. Charges for an exchange center is ten dirhams each person every month plus one hundred dirhams annual charges while banks is more than a hundred dirhams each month either by single or group transfer.
WPS - Wages Protection System. It's an electronic transfer of employees' salaries through the banks, exchange or any financial institutions that are authorized by the Central Bank. This is to ensure that all UAE employers are paying the employees' salaries and allows the MOL to create database (and monitor as well) that records salary payments in the private sector to guarantee the timely and full payment of agreed salaries. WPS thru banks - required to submit SIF hard copies and CD along with covering letter while in exchanges - required to submit SIF created file thru email/online, after receiving the reference, may deposit the cheque/cash according to total employees' salaries. SIF creation charges free depends on the bank provided (our official bank is0 charge) while exchanges -/-per year or-/-per file creation monthly with5/- deduction per employee with pay pal card.
