Dubai Multi Commodities Centre (DMCC) has successfully implemented Wages Protection System (WPS).
The WPS is an electronic salary transfer system that allows DMCC member companies to pay employees’ wages via banks, exchange houses and financial institutions that are approved and authorised to provide the service by the UAE Central Bank.
Now mandated by DMCC, from 15 February 2023 this service will be implemented to protect the basic rights of both employees and employers in our business hub. All registered DMCC member companies are required to comply with this initiative that streamlines and guarantees the timely payment of wages to free zone employees by their employers – and effectively monitors the process to ensure transparency and security.
Developed by the UAE Central Bank, WPS allows DMCC member companies to create a database that records wage payments in the private sector, ensuring timely and full payment of the agreed-upon wages.
What are the advantages of WPS?
- Ensures that the agreed-upon wages are paid on time
- Provides advanced solutions that help employers safeguard their own interests and reduce the hassles associated with paying the employees
- Improves job security, at the same time ensuring transparency
- Ensures that the DMCC Authority is updated on wages data
- Helps in taking measures to reduce labor disputes regarding wages