Muscat: If you are a government employee in the Sultanate of Oman, here is a chance to retire early with pension. Employees who have completed a period of 20 years in service starting from the date of the issuance of the Social Protection Law are entitled to retire if the draft law gets clearance from the Council of Ministers. Now the minimum age of voluntary retirement is 30 years.
The committee on drafting systems of retirement and social protection said that a draft law for the same will be submitted to the Council of Ministers in April.
Final touches are being made to the revised 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 be comprehensive 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 minimum 30 years of service needed for availing optional retirement 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 for the employees who opt for voluntary exit. 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 complete 30 years of service.
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 throughout life through the social protection system.