Oman reduces minimum retirement years, social protection system

Muscat: The committee supervising the draft preparation of retirement and social protection systems confirms that employees who have fulfilled the retirement conditions in their applicable systems and have completed a period of 20 years from the date of the issuance of the Social Protection Law are entitled to retire without complying with the minimum years of service required.

Oman TV said in a statement: “The committee supervising the draft preparation of retirement and social protection systems confirms that employees who have fulfilled the retirement conditions in their applicable systems and have completed a period of 20 years from the date of the issuance of the Social Protection Law are entitled to retire without complying with the minimum years of service required for entitlement to optional retirement set at 30 years.”

The committee confirms that the new retirement system will guarantee the value of the pension for this category according to the regulations in force until the date of the issuance of the Social Protection Law, so that upon their retirement they will be given the highest value of the pension among the value calculated in the regulations in force before the application of the social protection law.

In addition, it showed the value of the pension calculated according to the new provisions of the Social Protection Law, which will contribute to creating stability for employees who have fulfilled the conditions for voluntary retirement to continue serving and not to have to resort to early retirement at the present time.

The committee affirms that the Social Protection Law will address the problems of combining periods of service between the different sectors and absorbing temporary and permanent work contracts, part-time work and self-employed workers, and that it seeks everything that would stabilise work.