The National Bank of Bahrain (NBB) hosted a virtual awareness session on the Wage Protection System (WPS) as part of its Financial Literacy programme. The session was held with speakers from Benefit and the bank’s C&SME and Compliance Department and focused on providing employers and employees with necessary information on the mechanism of WPS and its regulations.
The session highlighted how WPS functions, its role and benefits, as well as what to expect as employers and employees using the system.
Commenting on the session, Eyad Ebrahim, Head of Business Management Commercial & SME at NBB, said: “Through the Financial Literacy programme, NBB is dedicated to equipping its customers with integral information regarding wage protection that instils confidence among local and foreign investors in Bahrain’s economy. The system serves to cement the Kingdom’s position as a safe host for expatriates, where their rights and wages are protected and monitored by the relevant authorities.”
Shafaq Alkooheji, Head of Payment Services at BENEFIT, said: “We are delighted to be partnering with the National Bank of Bahrain to educate the public on the advantages of this system and its role in helping both employees and employers alike. BENEFIT acts as a conduit through which the WPS is reported underscoring our part in uplifting government initiatives for the betterment of our community.
Mariam Turki, Head of Compliance Advisory at NBB, stated: “As a long-time national enabler, NBB continuously supports the country’s vision for complete transparency and stresses the importance of launching awareness initiatives. The bank aligns with country-wide initiatives and adheres to its set rules and regulations as part of our obligation towards responsible banking.”
The National Bank of Bahrain has launched multiple virtual awareness sessions in line with its Programme and is committed to educating its customers through the provision of accessible platforms where they can gain financial knowledge.