Payroll service provider:
A foreign startup needed to implement WPS compliance, being new to the UAE market the client needed a professional payroll provider with the knowledge of local regulations to maintain payroll compliance.
Terracotta provided a retainer contract to handle the payroll process including WPS setup for the company and employees, processing timesheets, preparing pay-slips and handling bank transfers of salaries.
We take care of salary transfers, confidentiality, and compliance
Companies need payroll services to manage their employee payments accurately and efficiently. It helps in reducing the workload and ensures local compliance and accuracy of the process.
The cost of payroll services in the UAE varies depending on the number of employees and the complexity of the payroll.
An employee is entitled to a gratuity of a fraction of a year, for each year of continuous service in the company. The sum is calculated based on the number of years spent in service.
Payroll services in the UAE typically include the calculation of salaries, contributions, end-of-service benefits, and other deductions. It also includes the preparation of pay-slips and government compliance reporting.
Wages Protection System (WPS) is a mandatory electronic salary transfer system that allows institutions to pay wages via banks and financial institutions approved and authorized to provide the service.
