Royal Decree sets up Social Protection Fund
Social Protection Fund to replace Public Authority for Social Insurance, pension funds of the Ministry of Defence, of the Royal Office, the Royal Oman Police, the Internal Security Service, the Royal Guard of Oman, the Sultan’s Special Force, the Diwan of Royal Court and the Civil Service Employees as well as pension programmes of PDO and CBO
Published: 06:07 PM,Jul 17,2023 | EDITED : 10:07 PM,Jul 17,2023
Muscat: His Majesty Sultan Haitham bin Tarik on Monday issued two Royal decrees reading as follows:
Royal Decree No. 50/2023 promulgates the Social Protection Fund’s Bylaw.
Article (1) states that the provisions of the system/bylaw attached to this decree shall be applied to the Social Protection Fund.
Article (2) transfers the following to the Social Protection Fund: The duties, origins, specialisations, assets, rights, obligations, financial receivables and their related data of the Pension Fund of the Ministry of Defence, the Pension Fund of the Royal Office, the Pension Fund of the Royal Oman Police, the Pension Fund of the Internal Security Service, the Pension Fund of the Royal Guard of Oman, the Pension Fund of the Sultan’s Special Force, the Pension Fund of the Diwan of Royal Court and the Civil Service Employees’ Pension Fund.
This is in exclusion of the premises of the Defence Ministry’s Pension Fund and assets that will be agreed about by the Chairman of Board of Directors of the Social Protection Fund and the Chairman of Board of Directors of the Pension Fund of the Military and Security Apparatuses. These will be transferred to the Pension Fund of the Military and Security Apparatuses.
The Social Protection Fund will have the following transferred to it: Duties, specialisations, origins, rights, obligations, receivables and data related to the Public Authority for Social Insurance — along with settlement of differences between ratios of financing of the funds mentioned in the previous clause, ratios of financing of the Public Authority for Social Insurance and the registration of the settlement sum in the financial lists of the Social Protection Fund as a deserved asset — provided an agreement be signed to secure all details of the above mentioned settlement with the Public Authority for Social Insurance.
The Social Protection Fund will have the following transferred to it: obligations calculated in accordance with the provisions of the Social Protection Law within the pension programme of Petroleum Development Oman (PDO) and the pension programme of the Central Bank of Oman (CBO), along with related data.
Also to be transferred to the Social Protection Law are assets equivalent to these obligations from the PDO and the CBO, provided two agreements to this effect be signed to cover all details of such transfer.
The Social Protection Fund will also have the following transferred to it: The rights and obligations related to the project on restructuring funds and systems of retirement and social protection that are secured under the National Fiscal Balance Programme and the National Programme for Fiscal Sustainability and Financial Sector Development.
Royal Decree No. 50/2023 promulgates the Social Protection Fund’s Bylaw.
Article (1) states that the provisions of the system/bylaw attached to this decree shall be applied to the Social Protection Fund.
Article (2) transfers the following to the Social Protection Fund: The duties, origins, specialisations, assets, rights, obligations, financial receivables and their related data of the Pension Fund of the Ministry of Defence, the Pension Fund of the Royal Office, the Pension Fund of the Royal Oman Police, the Pension Fund of the Internal Security Service, the Pension Fund of the Royal Guard of Oman, the Pension Fund of the Sultan’s Special Force, the Pension Fund of the Diwan of Royal Court and the Civil Service Employees’ Pension Fund.
This is in exclusion of the premises of the Defence Ministry’s Pension Fund and assets that will be agreed about by the Chairman of Board of Directors of the Social Protection Fund and the Chairman of Board of Directors of the Pension Fund of the Military and Security Apparatuses. These will be transferred to the Pension Fund of the Military and Security Apparatuses.
The Social Protection Fund will have the following transferred to it: Duties, specialisations, origins, rights, obligations, receivables and data related to the Public Authority for Social Insurance — along with settlement of differences between ratios of financing of the funds mentioned in the previous clause, ratios of financing of the Public Authority for Social Insurance and the registration of the settlement sum in the financial lists of the Social Protection Fund as a deserved asset — provided an agreement be signed to secure all details of the above mentioned settlement with the Public Authority for Social Insurance.
The Social Protection Fund will have the following transferred to it: obligations calculated in accordance with the provisions of the Social Protection Law within the pension programme of Petroleum Development Oman (PDO) and the pension programme of the Central Bank of Oman (CBO), along with related data.
Also to be transferred to the Social Protection Law are assets equivalent to these obligations from the PDO and the CBO, provided two agreements to this effect be signed to cover all details of such transfer.
The Social Protection Fund will also have the following transferred to it: The rights and obligations related to the project on restructuring funds and systems of retirement and social protection that are secured under the National Fiscal Balance Programme and the National Programme for Fiscal Sustainability and Financial Sector Development.