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The UAE Central Bank has clarified that the newly introduced wages protection system (WPS) will entertain only salaries paid in dirham, said banking sources.
The new system will ensure that all employees of companies with a workforce of not less than 100 receive their monthly salaries through a bank or exchange company pre-decided by the employer.
There was confusion among banks as to how salaries paid in foreign currencies could be included in the WPS scheme, which is designed to handle only payments in the UAE currency...[ Read full story]
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