Sixty Percent of Workers in UAE Paid via Wages Protection System
The Wages Protection System (WPS), introduced by the Department of Labour and the Central Bank of United Arab Emirates (UAE) in May 2009, processed salary payments for 60% of all workers in February 2011. This is a significant increase from a figure of 1.2% in October 2009.
Speaking on a panel session at the Money Transfer Dubai conference, organised by the International Association of Money Transfer Networks (IAMTN), two of the foremost members of the exchange house community in UAE, Mohamed Al Ansari and Osama Hamza Al Rahma, described in more detail the specific opportunities and initiatives that the exchange houses have undertaken to capitalise on the initiative.
This was one a number of highly informative and interactive sessions at this regular event for the money transfer industry in the Gulf and Asia regions. Key topics concerning regulation, new technology (including mobile and online payments), anti-money laundering and innovation were also covered. The audience heard from a range of speakers including representatives from the Central Bank of the UAE, the Central Bank of Russia, World Bank, and US Department for Homeland Security, as well as from a broad range of industry experts.