Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Wage protection system comes into force in a week, says MoM  Join our daily free Newsletter

MENAFN - Muscat Daily - 15/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) The system requiring payment of staff salaries in the private sector through bank accounts will come into place from next week.

This was announced on Wednesday at a panel discussion organised by the Oman American Business Council. The Ministry of Manpower's (MoM) Wage Protection System aims to ensure that workers' wages are paid in time. The programme will also help MoM keep an electronic record of salary payments.

''The Wage Protection programme by MoM and Central Bank of Oman (CBO) mandates wage payment in the private sector only through authorised banks and financial institutions and will witness the actual implementation of the programme next week. Various stages of the programme will be implemented according to the commercial grades, starting from the excellent and international class to the fourth grade,'' Salim bin Naseer al Hadhrami, director general of planning and Development at MoM said.

At the panel discussion, Hadhrami said the system will ensure that there is a record of wages paid and that companies pay the agreed-upon salaries timely. ''As per the law, wages must be paid within seven days of the month worked. The system will help us track employers who violate the law in this regard,'' he said.

On whether there was a plan to raise the minimum salaries in the private sector like in the government sector, Hadhrami said, ''Private and government sectors are different and there is no plan to match the salaries for both grades. Private sector is a profit-seeking sector and we cannot compare it with the government. However, we encourage private sector companies to set salary grades internally to stop workers from moving from company to company for better pay,'' he said.

He also talked of MoM's plans on making services electronic.

''We are in the process of making labour clearances and related issues electronic. All hard copies will be eliminated and everything will be done electronically soon. This will help ease the process for both employers and the ministry,'' Hadhrami said.

On Omanisation, Hadhrami said that MoM is working hard to raise the percentage of Omanis in the private sector. ''Omanis constitute 14 per cent of private sector workforce. However, the rise will happen gradual


 






  MENA News Headlines
 Jul 24 2014 - A forgotten tragedyUN experts call for a stronger response to internal displacement in NigeriaMENAFN Press
(MENAFN Press) GENEVA Switzerland July 23 2014/African Press Organization (APO)/ -- Two United Nations human rights experts today called on the Government of Nigeria and the international community ...

 Jul 24 2014 - Address by Cathy McLeod Parliamentary Secretary to the Minister of LabourMENAFN Press
(MENAFN Press) OTTAWA Canada July 24 2014/African Press Organization (APO)/ -- Check Against Delivery Good morning/afternoon. Thank you for joining us. We are here today to discuss a global ...

 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

 Jul 24 2014 - Fees and commission boost FHs H1 earningsspanKhaleej Times
(MENAFN - Khaleej Times) Nance House has posted a robust consolidated net-profit of Dh61.Net fee and commission income grew by a whopping 75 per cent year-on-year to Dh35.8 million. Similarly income ...

 Jul 24 2014 - Majid Al Futtaim revenues jump 14 in first halfspanKhaleej Times
(MENAFN - Khaleej Times) Rong performance across the businesses has boosted Majid Al Futtaims first-half revenues by 14 per cent compared to same period last year the Dubai-based company announced on ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help