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info@gccexchange.com
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Wages Protection System
The Wage Protection System(WPS)was set up to ensure that companies within the UAE pay their staff correctly. Ratified by the UAE Government in 2009 and supported by the Central Bank of the UAE, this system was the first of its kind in the Arab world and was designed to help companies meet their legal obligations to pay their workers in a timely way.
It also allows the Ministry of Human Resources and Emiratisation (MOHRE) to keep a record of private-sector salary payments so that employers failing to pay their staff on time and in full can be identified. The system, therefore, seeks to protect staff against the late payment (or non-payment) of their salaries.
Milestones
- GCC Exchange currently serves more than29000satisfied clients/businesses, with200,600employees taking advantage of its quick and efficient services.
- One of the first exchange houses to offer a card called Tankhwa, which makes salary disbursements hassle-free.
- Every branch of GCC Exchange has more than two ATMs for seamless and effortless salary disbursement
Benefits to Employer
- Fast and secure salary payments
- Streamlines the payroll and salary’s function
- Provides statements that salaries and wages have been paid on time
- Promotes transparency and trust between businesses and their employees
- Avoids the cost and risk of handling large amounts of cash in the workplace
- A dedicated WPS contact person is available for Employers.
Benefits to the Employee
- The salary disbursement was made on time.
- All employees have the right to withdraw their salary at any time.
- We issue our own Tankhwa Card as well as Mastercard issued by RAK bank & Finance house.
| Type of charge | Charges | VAT Amount | Total Charges |
|---|---|---|---|
| Per SIF File Charges | 20.00 | 1.00 | 21.00 |
| Per Month Charges | 20.00 | 1.00 | 21.00 |
| Per Year Charges | 200.00 | 10.00 | 210.00 |
| ATM card Payment | 10.00 | 0.50 | 10.50 |
| Per Employee | 8.00 | 0.40 | 8.40 |
What are the documents required for a new registration?
- License copy with partner details page (all relevant pages)
- Labor card copy/print out from MOHRE (MOL).
- Sponsor’s valid Passport Copy / Emirates ID
- Owner and all partners Emirates ID
- Signed Agreement with the company stamp.
- POA / Shareholder structure (if it’s necessary)
- All Employee Emirates ID (Soft copy).
Consequences of failing to join WPS
Failure to transfer wages by the deadline specified above will prevent institutions from obtaining new work permits / Renewal of Trade licenses. The lifting of this ban will happen only when the wages of workers have been transferred fully.
WPS Online Registration
The hassle-free way to register your company with us. Kindly fill the below details and our marketing executive will get in touch with you shortly.