WPS Solution for Companies
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.
1- Agreement to be signed with Al Ghurair Exchange.
2- Register all the employees with Al Ghurair Exchange
3- Prepare the Salary detail for a particular month as per the Salary Information File (SIF) file format given by Al Ghurair Exchange and should be forwarded every month to Al Ghurair Exchange in a CSV format.
4- After Submitting the SIF file to Al Ghurair Exchange, the company should initiate request with its bank for WPS FUNDING ACCOUNT TRANSFER to Al Ghurair Exchange Account with UAE Central Bank. The format of the letter can be collected from Al Ghurair Exchange.
5- Al Ghurair Exchange will send the salary file to UAE Central Bank and if the file is correct than UAE Central Bank will send it back to Al Ghurair Exchange.
6- The employees of the company can collect the salary through Al Ghurair Exchange branches all over UAE.
To complete the above formalities or to know more on WPS
Please Call: 971-4-2222955 or send email to: firstname.lastname@example.org