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The average number of employees registered in the Wage Protection System at the UAE level increased to 5.2 million in 2022 from 4.2 million in 2021, an increase of one million people.
According to Central Bank data, the total number of salaries increased from 46.4 to 55.5 million. There was also an increase in the total value of salaries paid, which amounted to 249 billion dirhams, compared to 212 billion dirhams in 2021, a growth of 17%. That is, the salaries of the 5.2 million registered in the wage protection system amount to 20 billion dirhams every month.
The number of companies registered as of December 31, 2022 in the system increased to 275,680 companies, compared to 216,690 companies at the end of 2021, an increase of 27%.
The Wage Protection System (WPS) is an electronic salary transfer system that allows institutions to pay workers’ wages through banks, exchange offices and financial institutions accredited and authorized to provide the service. This system, which was supervised by the Central Bank of the UAE, allows the Ministry of Labor to create a database that records wage payments within the private sector, which ensures the payment of agreed wages on time. The wage protection system also covers all registered establishments in all sectors and industries and benefits different categories of the workforce.
In its annual report, the “Central” confirmed that the operational capacity of the payment system in the country continued to maintain its safety and strength during the past year 2022, including the check clearing service using its images, the Emirates System for Financial Transfers, the Emirates Direct Debit System, the Emirates Wage Protection System, and the Emirates Wages Protection System. Emirates PBX, and instant payment system.
Central Bank statistics showed a significant increase in the number of transactions through the instant payment system during the past year, recording 38.3 million transactions with a total value of 101.2 billion dirhams, with a growth rate of 82.4% in the number of transactions on an annual basis, compared to about 21 million transactions during the previous year. While the growth rate in the value of transactions reached 95.7%, compared to about 51.7 billion dirhams in 2021.
The Central Bank stated that the UAE system for financial transfers processed 74.5 million transactions last year, with a value of 4.9 trillion dirhams for individual transfers, an increase of 23.1% in volume and 26.9% in value compared to 2021, while the volume of institutional transfers reached 634 thousand transfers, with a value of 7.8 trillion. dirhams, which represents an increase of 17.9% in terms of volume, and 36.2% in value compared to 2021.
According to the Central Bank, the photo-check clearing service processed about 22.7 million checks in 2022, amounting to 1.3 trillion dirhams, an increase of 2.5% and 11.6% compared to 2021, respectively.
The Emirates Direct Debit System witnessed the implementation of 13.3 million transactions worth 86 billion dirhams in 2022, an increase of 9.4% in the value of transactions compared to 2021.
