UAE | Employment
UAE private sector labourers to receive wages and salaries through electronic transfer
The Labour Ministry and the Central Bank inked a deal on Sunday to establish a 'virtual bank' to help companies implement electronic transfer of wages at affordable rates.
- By Rayeesa Absal, Staff Reporter
- Published: 15:57 June 1, 2008
Abu Dhabi: The Labour Ministry and the Central Bank inked a deal on Sunday to establish a 'virtual bank' to help companies implement electronic transfer of wages at affordable rates.
The Memorandum of Understanding (MoU) was signed by Saqer Ghobash, the Minister of Labour and Sultan bin Nasser Al Suwaidi, the Governor of the Central Bank, to develop a special electronic system so that salaries of employees working in private sector companies will be transferred through banks on a monthly basis.
“We will exert all efforts to ensure that companies comply with this plan with full awareness that this will serve the interests of the companies and their workers", said Ghobash.
The Central Bank will instruct all banks operating in the UAE to open accounts for all companies/establishments, registered with the Ministry, to enable them transfer salaries of their employees electronically via a special system which the Central Bank is developing for this purpose.
A card issued to the employee will allow salary withdrawal from any ATM machine, point of sales counters or telephone banking. The employees will not be charged for withdrawal of their salary.
The system will be linked to the ministry to enable it to obtain monthly reports about companies which fail to pay their employees, whether partially or totally, or those which pay reduced salaries for some or all employees.
Virtual bank
The virtual bank will help companies implement electronic wage transfer at affordable rates. It is expected to be completed within two months.
It aims to protect workers' rights, best interests of companies, as well as the national economy.
The ministry of labour will receive monthly reports about companies which fail to pay the salaries of employees, whether partially or totally.
A card issued to the employee will allow salary withdrawal from any ATM machine, point of sales counters or telephone banking. No amount will be deducted from the salary for this.
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