MUSCAT: The total number of pensioners registered with Sultanate’s pension funds reached 84,479 in 2016, compared to 77,540 in 2015, leading to an annual increase of 8.9 per cent.
According to the latest data published by the National Centre for Statistics and Information (NCSI), the total value of their pension benefits rose to RO 399,244,664 in 2016 from RO 357,112,286 in 2015, logging an annual increase of 11.8 per cent.
The total number of pensioners registered with the public sector pension funds increased to 69,202 in 2016 compared to 63,349, a growth of 9.2 per cent. Their total entitlements amounted to RO 342,049,102 in 2016 compared to the RO 307,272,852, the previous year. In the private sector too similar progressive changes have been witnessed.
The NCSI data revealed that the total number of pensioners registered in private sector pension funds grew 7.7 per cent in 2016 to 15,277, compared to 14,191 registered members in 2015, while the total pension payment in 2016 was RO 57,195,562, compared to an aggregate amount of RO 49,839,434 in 2015.
The study revealed that 25,424 males retired from service after attaining retirement age, whereas resignation was the main reason for women employees to leave the service and their number was 5,027 in 2016.
Compared to the public sector, the employee behaviour for leaving the employment differed in the private sector. Unlike in 2015, when death was the main reason for ending the service for male employees 5,026, attaining retirement age was the main reason for end of employment for them in 2016 with 5,528 leaving
the service. However, among female employees, reaching normal retirement age was the key reason for end of service, and their numbers stood at 1,021 in 2016.
The pension funds also provide protection to Omanis employed in GCC countries and 6,687 beneficiaries enjoy this facility. UAE topped the list with 4,898 of Omani workers, whereas Bahrain had the lowest number of Omanis at 117.
In 2016, 1,840 insured employees were transferred to the civil service employees fund and 142 employees were transferred out of it. As many as 1,548 male employees were transferred to the civil service employee fund, while the number of females who were transferred stood at 292.
The number of insured employees transferred from the Public Authority for Social Insurance (PASI) last year was 2,290 compared with 63 employees transferred to PASI.
The Sultanate has various pension funds in the public sector including funds at the Civil Service, Diwan of Royal Court, Royal Oman Police, Royal Guard of Oman and Central Bank of Oman. The private sector pension funds comprised funds at PASI, Petroleum Development Oman and Oman Refineries and Petrochemicals Company. — ONA
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