Wage & Salary Distribution -Iraq

DESCRIPTION The wage system was designed in particular for the "un-banked” market segments. As the innovative products and services are being unveiled at affordable pricing and offering convenience and security so is the interest and need arising from the "banked" sector.
The wage system increases productivity in the work environment and reduces administration labor costs as little time is required to distribute electronic value when compared to cash pay packets. It can substantially reduce the costs associated with the management, transportation, delivery and handling of cash.
The Wage system eliminates the need for cash through the introduction of electronic funds guaranteed by a financial institution.
The Wage system removes cash at the source by allowing wages to be paid electronically. In either offline or online environments, directly into the Smart Card thereby removing the potential for fraud, crime and corruption normally associated with cash payments as the amount deposited to the card is precisely recorded and saved in the system.
Capital equipment costs to the employer are reduced dramatically as a fingerprint scanner is not required for identification. If the employer chooses to pay his/her wages at the place of employment or in the fields, the 10 digit signature codes are downloaded to the memory of the POS terminals and taken to the relevant pay sites .as the employee smart card is inserted, the system will search the memory of the POS for the 10 digit signature code created for the particular card . Once found, a decryption is performed and the value is loaded immediately.
A slip is printed with details of the wages due, less any dedication. The balance of the "savings" wallet, once activated, will also appear in the slip. This process takes seconds from card insertion to completion of slip printing. Those employers utilizing traditional banking application to manage their payroll understand the challenges of managing thousand of payment on a regular base.
Through necessity the employers have had to provide their own form of financial services to their staff in the form of loans, savings etc. The smart card eliminates this process as the employee can opt to have a portion of his/her wage loaded directly to a separate savings wallet in the card itself .interest will be calculated in the current daily balance and paid monthly to the cardholder . The cardholder will also qualify for an affordable loan which is paid on to the smart card either directly or by utilizing other service providers participating in the system. The card informs the back – end of the monthly repayment due which is applied against the wage after loading the amount due to the card.
The wage system is ideal for employers who pay their staff in cash on a weekly. Bi-weekly or monthly basis, and also for employees who do not quality for or cannot afford traditional banking accounts.
The wage system can be used for a large or small workforce. The system is configurable for each employer so that the database can be split up into departmental or company sub-databases if required.
BENEFITS TO EMPLOYERS
1. Eliminates the security risk of transporting cash to pay the employees.
2. Eliminates the risk of employees claiming they have been short-paid in their wage packets.
3. Reduces bank fees for the employer.
4. Reduces labor costs involved in the creation & distribution of employee pay packets.
5. Increases productivity as it eliminates the time taken in handing out of pay packets to employees on payday or transporting them to the bank to collect their wages. The 10 digit signature codes can be loaded offline anytime at any terminal.
BENEFITS TO EMPLOYEES
1. Security – if they lose their card they do not lose their money.
2. Biometric fingerprint protection - no one can access their funds without their fingerprint being presented when spending or performing cash withdrawals.
3. Reduced banking charges in respect to spending and balance enquiries, wallet to wallet transfers, debit orders etc.
4. The facility to transfer money to their friends and relatives whether they have a card or not.
5. The facility to perform 3rd party payment to companies in respect to fees, utility bills etc.
6. The facility to allow their spouses to be biometrically enrolled on the same card allowing them to either access their primary wallet or have them transact from a separate secondary wallet.
7. The facility to save and earn interest on the card.
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