The Central Bank stated that the value of salaries paid through the wages protection system, from the beginning of its implementation in October 2009 until the end of last year, recorded a cumulative balance of 240 billion dirhams, for the number of 56 million salaries, which were paid by private sector institutions operating in the state, according to The financial stability report issued by the Central Bank recently.
Wages Protection represents an electronic salary transfer system, allowing institutions to pay workers wages through banks, exchange firms and financial institutions, which also facilitates the inclusion of workers and employees with low wages within the formal financial sector.
The system was developed by the Central Bank, under the supervision of the Ministry of Labor, to ensure payment of wages in full in a timely manner.
Currently, 108 financial institutions participate, including 52 banks, four financial companies and 47 exchange firms, in addition to five service providers.
Meanwhile, the head of the Banking and Financial Transfer Group, Mohamed Al Ansari, told «Emarat Al Youm» that from the start of the wage protection system until now, the salaries of workers and employees are paid regularly on a monthly basis, whether in the last week of the month, or during the first five days From the new month, so that all employees and workers get paid without delay.
He pointed out that the central bank has made important improvements to the system, so that amendments are shown in the company file, which transfers the salaries of its employees at the same time to the Ministry of Labor directly, as companies that are late in freezing their file are violated, so all companies are keen to pay on time without delay.
Al-Ansari mentioned that "exchange firms acquire the largest share of the few salaries of workers with the fees imposed on each salary, which is a few that do not exceed two to three dirhams, but it is good for money changers that this class of workers transfer money to their families on the same day to receive salaries, and this is what ATMs benefit from it.
108
Financial institutions
It shares a system
Wages protection currently, including 52 banks.