Muscat – The total value of wages payment processed through OmanÕs Wage Protection System (WPS) increased 10% to RO4.4bn in 2022 as compared to RO4bn recorded in the previous year, according to the latest statistics released by Central Bank of Oman (CBO).

WPS is an electronic salary transfer system that allows companies in Oman to pay workersÕ wages through banks or financial institutions approved and authorised to provide the service. Jointly developed by the Ministry of Labour (MoL) and CBO, WPS ensures secure and timely transfer of employeesÕ wages in the private sector to their authorised bank accounts.

ÔIt (WPS) aims to process and monitor wages payment operations in a unified format using electronic banking services and to create an accurate database for the wages of private sector workers monitored by MoL,Õ the apex bank tweeted.
According to CBO, the total number of transactions processed through WPS grew nearly 10% to 8.2mn in 2022 as compared to 7.5mn in 2021 and 6.3mn in 2020.

CBO has been directing banks to attract the largest number of private sector establishments to register in WPS. As per CBO directives, banks need to provide necessary support and conduct training workshops for private sector institutions on WPS.

CBO mandates banks operating in the sultanate to provide an easy and smooth mechanism for transferring salaries and recurring payments through electronic banking services to all government and private entities.

Recently, H E Dr Mahad bin Said bin Ali BaÕowain, Minister of Labour, issued Ministerial Decision No 299/2023 mandating implementation of WPS. Under the decision, employers are obligated to transfer employeesÕ wages to local banks within a maximum of seven days from the due date, utilising the salary information file of WPS.

Sheikh Mohammed bin Ghaleb al Hinai, Chairman of the Main Committee for the completion, operation and development of WPS, informed that it has undergone numerous enhancements to ensure seamless transactions and confidentiality of information.

An executive committee, established in March 2022, has been working on the final development of the system, comprising officials of MoL, Ministry of Transport, Communications and Information Technology, CBO, Oman Chamber of Commerce and Industry, General Federation of Oman Workers, and the Public Authority for Social Insurance.

Earlier this month, MoL announced plans to raise awareness on WPS starting in October in collaboration with the General Federation of Oman Workers.

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