A unified payment system for workers and the Ministry of Labour's emphasis on cracking down on non-complying companies will push the implementation of the Wage Protection System (WPS), financial institutions which will provide the service said.
The Ministry of Labour in coordination with the central bank yesterday launched WPS, an initiative to safeguard workers' salaries via transfer through selected financial institutions.
Nabil Bader, CEO of Waseela Equity, one of the payroll service providers in the country, and the process of getting linked to WPS, said "the implementation of the decision with the introduction of the new system will be more effective because the whole country will have a unified system for payment of workers' salaries, which is monitored by the central bank and Ministry of Labour, as well as the ministry's insistence to follow up on the implementation by companies."
The company currently has 100,000 workers in 18 companies paid through them.
"Since the Minister of Labour made the announcement of the launch of the new system about a month ago, there has been a massive increase in the number of requests for our services," Bader said.
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