The Labour Ministry has announced that beginning January, all salary payments must be electronically deposited by companies in the country.
The Electronic Wage Payment System marks the end of salary payment by cash. The system also ensures that all employees are being paid their monthly wages without fail, thereby benefiting the labour force.
Apart from facilitating a hassle-free salary disbursement, the system also allows the Ministry to have real time access to information regarding payment of salaries.
The Ministry has established tie-ups with finance houses that would collect wages from companies, and place them in proper accounts.
An MOU has been signed by the Ministry with the Islamic Finance Company (IFC), to begin implementation of the Daman and Aman programme, so as to facilitate the shift from cash payments to electronic wage payments.
The Labour Minister, Dr. Ali bin Abdullah Al Ka’abi, the Labour Minister, has announced that as per the Cabinet decision, beginning January 1, 2008 all companies should pay its salaries through the Banking System. The Minister warned that issuance of Employment Visas to Companies would be stopped in case they fail to comply with Electronic Wage Payments.
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