How Wps Made Electronic Salary Transfer Easy

By Author: Peter Rodriguez
Total Articles: 50
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WPS is the acronym for Wage Protection System. It is an electronic salary transfer system that allows organizations to pay their workers through banks, foreign exchange offices and several other authorized financial institutions. This electronic salary transfer system benefits both employers and employees equally in many ways.

Benefits:

•This WPS system helps reduce time and effort needed to pay workers
•Safeguards interests and rights of all parties concerned
•Upgrades transparency and competitiveness of salary payment system of a company
•Advantage of taking instant proactive measure to lower labor discontents relating to wages
•Employers become more conscious about fulfilling their salary commitments as made to their workers
•Helps Organizations follow Banking system of a State and or International Standard

With the advent of core banking system (CBS), government and private organizations have been relieving themselves of the cumbersome salary payment system through cash, bank cheques, etc. In their places, e-transfer system has come. As a result, the human resource ...
... department of an organization has been able to concentrate more on other core issues of its organization.

WPS has streamlined the process of electronic salary transfer for the organizations of Gulf Cooperation Countries, in particular. The GCC region includes nations like UAE, Oman, Qatar, Saudi Arabia, Kuwait, and Bahrain. Of them, UAE has a distinctive kind of banking system, which has been made to be transparent, providing quality outputs and faster. Following the guidelines of the Central Bank of UAE along with the UAE Ministry of Labor, which commits to provide a safe, secure, efficient and robust wage payment system through their banks, WPS has been developed.
The WPS applying mechanism is as follows.

1.WPS enables UAE organizations to map its wage paying system with the system of any of the banks of the country. Note that organizations have to have account with any banks. WPS will enable the system to be faster, safer, and help the organization to save them from wasting time and energy on such activity which can be easily and transparently performed by an ingenious HR management system.

2.Only Central Bank of UAE approved WPS system can be used by any service providers who may be a bank, foreign exchange institution, or a financial institution.

3.The system can start transferring salaries to individuals only upon getting instructions from the banks that get final instructions from organizations with detailed wage list, names and account numbers of the employees and procure the approval of the Central Bank of UAE.

4.The WPS system sends forward instructions relating to salary and employee details to the Central Bank of UAE that keeps the details in its secure database.

5.On receiving the details, the Central Bank of UAE forwards them to the Labor Ministry of the country so that its details should correspond to the guidelines of the Ministry.

6.Then, the WPS system transmits instructions to the appointed WPS agent in order to start paying wages.

The wage protection system is the true solution for the concept of the electronic salary transfer procedure. As it is about money, the WPS system has to be ablest to act seamlessly. If any kind of lacunae crops up between the functioning, the whole system can collapse. Then, the organization and the system-agent will be equally made responsible and suffer. But, in case of the WPS developed in compliance with Paylite®, the implementation technology has been completely flawless, enabling a hassle-free HR and Payroll Management with several extraordinary features that have made the whole HR management system transparent and convenient.