<p>Riyad Bank has completed all the necessary procedures as required by the Saudi Ministry of Labor for the fifth phase of the national “Wage Protection” scheme which started today, according to Ossama Bukhari, Executive Vice President Corporate Banking at Riyad Bank.</p><p>Bukhari, who was attending a workshop on the “wage protection” program jointly organized by the Riyadh Chamber of Commerce and the Ministry of Labor in the Chamber’s headquarters, explained that the Bank was ready and willing to support the latest round of this program, including collaborating with the Ministry to ensure that all of the Bank’s customers are adhering to the Wage Protection programs stipulations including the payment of a minimum wage and the transfer of salaries directly to bank accounts.</p><p>“Our corporate customers have responded positively to the Wage Protection programme’s previous four phases, and they have benefited from the new legislation,” said Bukhari. “We have made it easier for many of our corporate clients through the provision of new services such as prepaid cards for employees, the issuance of regular electronic salary reports and a provision to include incremental payments such as bonuses and other allowances. We have innovated to make it easier for our corporate clients to operate and meet the requirements of the Wage Protection program, and we’ll continue to provide new services throughout the fifth phase of this initiative to benefit our corporate customers.”</p>