The Central Bank revealed yesterday that private sector employees obtained salaries of 45 billion dirhams during the past year, bringing the total payment of their salaries paid through the “Central” wage protection system at the end of December 2024 to 341 billion dirhams, compared to 296 billion dirhams at the end of the same period from 2023 with an annual growth of 15.2%.
The annual report data of the “Central” showed that the activity witnessed by the various economic sectors contributed to increasing the number of private sector employees in the Emirates last year, to reach at the end of 6.06 million employees compared to 5.86 million employees at the end of 2023, with an annual increase of 200 thousand employees.
“Wage protection” represents a system for transferring salaries electronically, allowing institutions to pay the salaries of workers in the private sector through banks, exchange companies and financial institutions, which facilitates the inclusion of workers and employees with low wages within the official financial sector.
According to the “Central” report, the total number of salaries that were treated in the wage protection system increased from 62.6 million salaries at the end of 2023 to 67.5 million salaries at the end of last year, an increase of 4.9 million salaries, and the number of employers registered in the same system increased from 306 thousand and 450 employers at the end of 2023 to 321 thousand and seven employers at the end of last year, an increase of 4.75%.
It is noteworthy that the Ministry of Human Resources and Emiratisation announced, earlier last year, that 99% of workers and employees working for the private sector facilities registered in the ministry at the state level are covered by the umbrella of the wage protection system applied since 2009 in cooperation with the central bank, to meet the goals aimed at providing a safe, effective and strong mechanism to simplify the process of paying wages to employees in time by employers.
In addition, the “Central” stated, in data issued yesterday, that the total bank assets are comprehensive, at the end of January 2025 to four trillion and 562.3 billion dirhams, compared to four trillion and 560 billion dirhams at the end of last December, with a monthly increase of 2.3 billion dirhams equivalent to 0.1%growth.
The total credit increased at the end of January to trillion, 181.3 billion dirhams, compared to one trillion and 181.1 billion dirhams at the end of last December, a monthly increase of 0.2%.
The total bank deposits decreased last January by a slight rate of 0.2%, reaching at the end of the month to trillion and 840.7 billion dirhams, compared to one trillion and 847 billion dirhams at the end of December.
According to the “Central” data, too, the total assets of the foreign central bank increased to 873.5 billion dirhams at the end of last January, recording its highest level ever compared to 860.4 billion dirhams at the end of December, with a monthly increase of 13.1 billion dirhams equivalent to a growth of 1.5%.
. 873.5 billion dirhams of foreign “central” assets at the end of January 2025.
. The total salaries of the paid private sector employees through the wage protection system rose to 341 billion dirhams at the end of December 2024.
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