Wages Protection System (WPS) is an initiative, by the UAE Ministry of Labour in association with UAE Central Bank, to streamline salary disbursal process across the UAE.
Can the employer choose any service provider for availing WPS facility?
The employer can choose only authorised WPS agents like exchange houses, banks etc., approved by Central Bank of UAE and Ministry of Labour, to avail the WPS facility.
Is paying wages through WPS mandatory?
Adhering to WPS is mandatory as per the Ministerial Decree (No.788 ) of 2009 on Protection of Wages by UAE Ministry of Labour.
Will there be penalties for not using WPS?
Defaulting companies will get disqualified from getting new work permits and renewal of existing visas.
Is GCC Exchange , WPS‐compliant? Is it authorised by the UAE Ministry of Labour and UAE Central Bank?
Yes, GCC Exchange (Tankhwa) is a WPS‐compliant payroll solution, authorised by the UAE Ministry of Labour and UAE Central Bank.
Do we have to sign any service agreement to commence the GCC Exchange WPS?
Yes, an agreement has to be signed between GCC Exchange and your corporate entity to avail the (Tankhwa) payroll services.
Is there a prescribed minimum salary limit to avail the service?
No. There is no prescribed minimum salary limit to avail the GCC Exchange WPS service.
Is there a prescribed minimum number of employees to avail the service?
No. There is no prescribed minimum number of Employees to avail the GCC Exchange WPS service.
What is the procedure followed for registering a new Company for Wages Protection System compliance?
Employer can walk in to any GCC Exchange branch and submit valid documents like Trade License, MOL Card and Authorized Signatory’s Passport copy for easy registration for WPS compliance and Super pay payroll services. Otherwise employer can request for the a visit and our Marketing team will assist in the finishing the formalities of registration
How will I give the salary amount to GCC Exchange?
Employer can visit any of the GCC Exchange branch with the Employer reference number and deposit cash or cheque.
Employer can directly transfer fund in to the corporate bank account of GCC Exchange, maintained in select banks.
Employer may instruct his banker to credit funds in our bank account
How do my employees collect their salaries?
In UAE there are three modes of salary disbursal
Employee collecting salary in cash can avail salaries from any of our branches.
Employees have an option for applying for Tankhwa cards through which they can withdraw salary from any of the GCC Exchange branches in UAE.
The employees can opt for the Switch enabled Silver card and withdraw from any Bank ATM in UAE.
How long the salaries will be available for collection?
Employees can collect their salary from us from the date of registration and / or on the date of deposit of salary on our counters.