Tag: Wall Street Exchange

The UAE Ministry of Labour has entered into an agreement with Emirates Post to allow private sector employers to pay employees’ salaries through select post offices and all branches of Wall Street Exchange.

The move is part of the Ministry’s efforts to curb the practice of late payment or non-payment of salaries by some companies. It will also allow workers to do money remittances and other financial transactions from a single window.

The select post offices and all branches of Wall Street Exchange will offer value-added services to employees of the participating companies. Apart from collecting salaries, the employees can remit money to their families overseas from the same counter. They can also instruct the counter staff to send a certain amount to their families and it will be automatically transferred on a chosen date.

The counters will also offer money exchange facilities. In the future, Emirates Post also plans Mobi-Post, a series of mobile post offices that will be positioned in the vicinity of labour camps.

Companies interested in joining the services have to enter into separate arrangements with Emirates Post. An account will be opened to enable easy transfer of money from the company to Emirates Post. Companies that join the system will benefit by way of reduced burden on staff and full security.