Decree establishes Social Security Fund

MUSCAT: His Majesty Sultan Haitham bin Tarik on Wednesday issued a Royal Decree No 33/2021 on systems of retirement and social security.

Article (1) establishes a fund to be named “Social Security Fund”, to have a legal identity, enjoy financial and administrative independence and report to the Council of Ministers. Its system (bylaw) shall be issued under a Royal Decree.

Article (2) establishes a fund to be named “Military And Security Services Retirement Fund”, to have a legal identity, enjoy financial and administrative independence and report to the Council of Ministers. Its system (bylaw) shall be issued under Royal Decree.

Article (3) states that a committee to be formed under a decision by the Council of Ministers shall undertake the supervision of drafting necessary regulations and finalising all procedures related to transferring to the two funds stated in Articles (1) and (2) of this Decree all the missions, specialisations/prerogatives, origins, rights, obligations, assets and financial commitments of the following bodies: the Civil Service Employees Pension Fund, the Public Authority of Social Insurance, the Royal Guard of Oman’s Retirement Fund, the Royal Office Retirement Fund, the Internal Security Service Retirement Fund, the Sultan’s Special Force’s Retirement Fund, the Diwan of Royal Court Employee’s Retirement Fund, the Royal Oman Police Retirement Fund, the Defence Ministry’s Retirement Fund, the Central Bank of Oman’s Employees Retirement Fund and Petroleum Development Oman’s Employees Retirement Fund, each in accordance with its circumstances.

The above-mentioned Committee shall undertake devising the regulations and procedures of restructuring systems of retirement and social security and drafting the two funds’ systems stated in Articles (1) and (2) of this Decree, in addition to devising a draft law for social security that incorporates retirement systems necessary to be applied to all employees and workers, as well as provisions related to the social security scheme, within 12 months from the date of issuance of this Decree.