Sunday, February 05, 2023 | Rajab 13, 1444 H
clear sky
21°C / 21°C

New law on retirement: No need to complete 30 years for voluntary retirement

Draft law on retirement, social protection to be submitted to Ministers Council
No Image

Muscat: The committee tasked with drafting systems of retirement and social protection has said that a draft law for the same will be submitted to the Council of Ministers during this month (April 2022).

Final touches are being made to the scheme catering to retirement and social protection systems, said the committee, noting that the scheme’s programmes have been designed to respond to the national objectives and apply the best practices in the field. These will consummate through the issuance of the Social Protection Law, the committee added.

Employees who meet the conditions set in the present systems and complete 20 years with effect from the date of the Social Protection Law have a right to retire, without having to commit themselves to the minimum number of years of service needed for availing optional retirement (30 years) as per the Royal Decree No 33/2021 on retirement and social protection systems, said the committee.

It explained that the new retirement system will guarantee pension value for this segment in accordance with the current systems as at the date of issuance of the Social Protection Law. Upon their retirement, the employees will be granted the highest pension value cited in the systems existing prior to the application of the Social Protection Law and the pension value calculated in the new Social Protection Law. This, the committee said, will provide stability for employees who meet the optional retirement conditions, sparing them the need to opt for early retirement.

The new Social Protection Law will resolve the issues involved in merging service periods across different sectors and accommodating temporary and permanent employment contracts, part-time employment and self-employed individuals.

Addressing all employees in the public and private sectors, the committee affirmed that it will strive for the stability of employment conditions and that it will provide protection for citizens, right from childhood till old age, through the social protection system.

arrow up
home icon