Payroll Services in Dubai

Payroll refers to handling the wages and compensations of a company’s employees. It is one of the most critical components of the Human Resources (HR) department and forms an integral part of every company. When it comes to payroll, consistency and accuracy are pivotal facets. Employees expect to get their compensation promptly every disbursement cycle; otherwise, employee dissatisfaction ensues.

The United Arab Emirates is an attractive market for businesses and is flocked by people worldwide every year. With a population of over 9 million, the country handles a large employed workforce. Consequently, the payroll regulations in the UAE are systematic and intricate. 

When spoken about payroll processing in the UAE, there is the Wages Protection System (WPS). It is an electronic salary transfer system, introduced in 2009 that enables institutions to pay employee wages via banks and other financial institutions authorized and approved by the Central Bank. WPS was developed by the UAE Central Bank and the Ministry of Labour to automate the timely and full payment of wages through a database. The WPS covers all institutions registered with the Ministry across all sectors and industries. This is significant for businesses since companies failing to adhere to this process shall face punishments and fines and be unable to procure work permits.

What Are the Benefits of Payroll Processing Services?

Payroll is very essential for every business and there could be possible threats if you ignore payroll. There are several advantages to outsourcing payroll process. 

Security and Confidentiality

A proper payroll function mitigates the risks of leakage of sensitive information, employees’ identities, and potential misuse of company funds.

Compliance and Regulation

Your company can benefit through a payroll processing service by staying on top of any issue about the UAE labor law. Since compliance with any developments is also called for, that is also taken care of via a payroll service.

Cost-Effectiveness

Building and having a dedicated team for payroll processing in your company has several costs and obligations. Outsourcing this function in a small or medium enterprise saves costs a long way.

What Payroll Processing Services Do We Provide?

Commitbiz can assist you with the following payroll processing services in the UAE:

• Setting up and maintenance of the Wage Protection System (WPS)
• Processing of salaries, including fixed salaries, incentives, bonuses, allowances, etc.
• Processing of expense claims reimbursements
• Generation of payslips, bank transfer letters, and salary certificates
• Maintenance of payroll information related to employees
• Leave management for holidays, paid leaves, absences, etc.
• Drafting of offer letters
• Calculation of statutory gratuity payments as per the UAE labor law
• Calculation of full & final (F&F) settlement in case of termination or resignation of an employee
• Maintenance of payroll information (working days, leaves, holidays, etc.) of each employee in a database

Outsourcing Payroll Services

The payroll process in a company in the UAE can be quite complex, with a lot to keep track of, like the WPS payroll, deductions, monthly wage calculation, holiday records, paid leaves, overtime, etc. However, a payroll system is essential with the financial facets associated with it and the local regulations governing it. Thus, outsourcing one’s payroll processing system in the UAE makes sense – to set up an organized and robust payroll.

Why Outsource Payroll Services in Dubai, UAE?

• Forming a dedicated team for payroll processing from scratch in your company has several costs and obligations –fixed monthly salaries in the department, visa, medical insurance, leaves & holidays, training costs, Emirates ID and labor contract fee, etc. Outsourcing this function in a small or medium enterprise makes sense from a budgetary perspective.
• When you outsource your payroll function to an expert third party in the UAE, they can advise you on the nitty-gritty of the corporate payroll practices prevalent in the place and keep you updated with any revisions in the UAE labor law.
• You save costs on payroll software and system maintenance of the same.
• Scaling of your payroll system as per the size of your company is taken care of by the outsourced payroll vendor.

Why Choose Us For Payroll Services in Dubai?

Our payroll processing services aim at efficient employee payroll management to reduce administrative burden and curtail extraneous financial costs. This helps you streamline your business growth and improve your company’s performance by concentrating on core risk areas in business with increased flexibility to respond to requirements.

We at Commitbiz Management Consultants have our team of experts to help entrepreneurs set up their payroll function in Dubai and the rest of the UAE. Should you decide to open a business here, do contact us; we’d be glad to help.