System of e-transferring public sector salaries now fully operational
Published: 10:05 PM,May 01,2021 | EDITED : 09:05 PM,May 01,2021
17-System-of-e-transferring-public-sector-salaries-now-fully--operational
BUSINESS REPORTER
MUSCAT, MAY 1
The Ministry of Finance has confirmed that it has completed the activation of an initiative in which the salaries of government employees are e-transferred.
Under the scheme, which began in March, staff wages are being electronically transferred — a move designed to facilitate and accelerate the transfer process of salaries and current payments using e-banking services.
The initiative, which is backed by the Central Bank of Oman (CBO), has the following advantages, the ministry said: (i) It helps update personnel data in all government units in harmony with CBO standards; (b) it maintains the confidentiality of data and information by encryption of payroll files, (iii) it eliminates the use of cheques, statements or CDs for salary transfers, and instead adopts e-banking services; (iv) it reduces the time and effort required to transfer the salaries and payments; and finally (v) it facilitates the future introduction of Automated Clearing House (ACH) for direct transfer of salaries into the bank accounts of employees through CBO.
MUSCAT, MAY 1
The Ministry of Finance has confirmed that it has completed the activation of an initiative in which the salaries of government employees are e-transferred.
Under the scheme, which began in March, staff wages are being electronically transferred — a move designed to facilitate and accelerate the transfer process of salaries and current payments using e-banking services.
The initiative, which is backed by the Central Bank of Oman (CBO), has the following advantages, the ministry said: (i) It helps update personnel data in all government units in harmony with CBO standards; (b) it maintains the confidentiality of data and information by encryption of payroll files, (iii) it eliminates the use of cheques, statements or CDs for salary transfers, and instead adopts e-banking services; (iv) it reduces the time and effort required to transfer the salaries and payments; and finally (v) it facilitates the future introduction of Automated Clearing House (ACH) for direct transfer of salaries into the bank accounts of employees through CBO.