Wages Protection System (WPS) services at Lari Exchange is a complete payroll solution for corporate entities and their employees, Individuals and their domestic helpers, fully compliant with UAEWPS, implemented by Ministry of Human Resources and Emiratization, in conjunction with the Central Bank of the UAE (CBUAE). This Key Facts Statement (KFS) provides you with key features, indicative information including fees & charges.
Product Details
| Description |
Lari Exchange offers the service by uploading the Salary Information File (SIF) to UAEWPS and processes the salaries to customers cards upon receipt of the Payment Information File (PIF) from the Central Bank of the UAE (CBUAE). The UAEWPS is implemented by the Central Bank of the UAE (CBUAE) to provide a safe, secure, efficient, and robust mechanism to streamline the timely payment of wages to employees and domestic helper. |
| Eligibility |
Employees: Every individual working within the private sector for agreed-upon wages and holding a labor card issued by the Ministry.
Employers: Anyone who owns a company or institution registered with the Ministry and employing one or more workers in return for agreed-upon wage.
|
| Transaction Currency |
AED |
Key Features
- Salary Credit to Bank account
- Salary Credit to Lari salary card (Paymax Card)
Value Added Benefits
- Fully compliant with UAEWPS.
- Timely salary transfer that can be withdrawn at Lari CDM networks with nearest 10 denominations.
- Worldwide card acceptance at shopping malls, restaurants and any other POS & ATMs displaying MasterCard Logo.
- Receive credit/debit SMS and online balance enquiry.
- Check balances and transactions through Mobile App.
- Can facilitate Wages Protection Service (WPS) in all Emirates and approved Free Zones by the Central bank of the UAE (CBUAE).
- Bilingual customer support.
Key Fees and Charges
| Description |
Fees (AED) |
| WPS Registration |
50.00 |
| Fund Transfer |
10.00 |
| SIF Transfer |
10.00 |
| Salary Disbursement fee – Lari (per employee) |
5.00 |
| Salary Disbursement fee – Non-Lari (per employee) |
5.00 |
| Payroll Card |
10.00 |
| Card Renewal |
15.00 |
| Replacement |
21.00 |
| ATM Charges |
0.00 |
| Statement Charges |
15.00 |
- The above fees and charges are indicative and exclusive of VAT. Please visit our website for updated fees and charges.
Additional Information
- The customer agrees to waive the cooling-period, as immediate processing is required.
- The customer has to promptly report of the lost or stolen cards or any unauthorized transaction immediately.
- All charges by Employer only.
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Lari Exchange shall provide customer with a minimum of 60 calendar days’ advance notice prior to making any changes to the terms and conditions of a financial product or service. Notifications will be provided through appropriate communication channels, including but not limited to SMS, email, branch displays, website or digital platforms.
- Lari Exchange reserves the right to withdraw or suspend the product as whole or any of the features, partially, for whatsoever reason deemed fit or any other mandatory guidelines when the circumstances arise.
Warning
- It is the responsibility of the Corporate to provide accurate information for processing the Salary accurately. In case of incorrect or incomplete information, there are chances for delays or rejection of Salary from the UAEWPS.
- Lari Exchange has the right to hold the transaction in case additional requirements/ information is required.
- ATM salary cards will be delivered to the respective card holders only.
-
Cardholders are responsible for maintaining the confidentiality of their PIN and other security details. Lari Exchange is not liable for any financial loss resulting from a Cardholder/customer disclosing their password or PIN to a third party or leaving it in a form accessible to unauthorized individuals.
- There can be a delay in processing the transaction if the payment mode is cheque, subject to realization of funds by the bank.
- In case the company has provided the incorrect account number or Employee ID, RFR has to be processed, the amount will be refunded subject to the availability of funds in the account.
- For complaints and suggestions please contact us on +97126223228 and/or support@lariexchange.com.