Firms told to register with WPS

Updated 10 November 2014

Firms told to register with WPS

The Ministry of Labor called on private sector enterprises to immediately register with the Wage Protection System (WPS), the fourth phase of which was launched earlier this month.
The announcement came during a workshop held at the headquarters of the Asharqia Chamber in Dammam, which was attended by an official consultant of the Ministry of Labor for Inspection and Development of the Work Environment, Faisal Al-Otaibi, as well as the director of the WPS at the ministry, Ibrahim Nasser.
Al-Otaibi said employers should report to banks the number of bank accounts for all their workers, as well as ensure salary cards are issued to employees with no accounts. Employers must also prepare every month all the documentation of the wages to send to banks, and employees must receive a confirmation that wages have been paid.
Companies can access their accounts on the ministry’s website to upload their documented wage-payment file into the WPS portal, as well as to update any wage data on a monthly basis.
Al-Otaibi urged employers to make sure that the total wage of the workers is equal to the sum of the employee’s base salary plus housing, allowance and other necessities, minus deductions. He also noted that in case of an inaccuracy in the company’s wage files, the WPS will send an e-mail to the facility calling for a correction.
Companies that delay uploading the document for one month will be subject to a comprehensive inspection visit by the ministry. Businesses that are two months behind schedule will have all their services stopped except for the issuance and renewal of work permits, while companies that are three or more months delayed will have all services halted, and employees will be permitted to transfer their services to another employer without the consent of the current employer, even if the work permit is still in effect.
Al-Otaibi stressed the fact that the ministry will not hesitate to penalize those facilities that fail to adhere to WPS regulations.

Fraud alert over cryptocurrency falsely linked to Saudi Arabia

Updated 21 August 2019

Fraud alert over cryptocurrency falsely linked to Saudi Arabia

  • The website of a cryptocurrency company is promoting what it calls the CryptoRiyal and SmartRiyal
  • The Singapore-based company uses the Saudi emblem of two crossed swords and a palm tree

JEDDAH: Fraudsters are trying to lure victims into investing in a “virtual currency” with false claims that it is linked to the Saudi riyal and will be used to finance key projects, the Saudi Ministry of Finance warned on Tuesday.

The website of a cryptocurrency company in Singapore is promoting what it calls the CryptoRiyal and SmartRiyal, using the Saudi emblem of two crossed swords and a palm tree. Its “ultimate goal” is to finance NEOM, the smart city and tourist destination being built in the north of the Kingdom, the company claims.

“Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the Kingdom,” the ministry said on Tuesday.

The fraudsters were exploiting ignorance of how virtual currencies work, cryptocurrency expert Dr. Assad Rizq told Arab News.

“A lot of tricks can be played,” he said. “Some of these companies are not regulated, they have no assets, and even their prospectus is sometimes copied from other projects.

“They hype and pump their project so the price goes up. Inexpert investors, afraid of missing out, jump in, which spikes the price even higher. Then the owners sell up and make tons of money.

“Cryptocurrencies are a risky investment for two reasons. First, the sector is not yet fully regulated and a lot of projects use fake names and identities, such as countries’ names or flags, to manipulate investors.

“Second, you have to do your homework, learn about the technology. And if you still want to invest, consider your country’s rules and regulations.”