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.
Article (4) requires the boards of directors of retirement funds and the above-mentioned Public Authority for Social Insurance and its executive management to practise their missions in accordance with regulations and procedures to be endorsed by the committee stated in Article (3) of this decree.
Article (5) states that the minimum number of years of service required for claiming optional retirement stated in all enforced laws, systems and regulations shall be (30) years of service. This provision does not apply to those who already completed (20) years of service as of the date of issuance of the Social Security Law.
Article (6) stipulates that employees transferred under Royal decrees pertaining to the restructuring of the State’s Administrative Apparatus from among those who completed two thirds of period of subscription necessary for entitlement to pension as of the date of enforcement of those decrees” shall be treated in accordance with provisions of retirement laws, systems and regulations applied to them prior to their transfer. Their subscriptions shall be settled and their rights adjusted (equated) in accordance with the same provisions, but without prejudice to the provision of Article (5) of this decree.
Article (7) cancels all that contradicts this decree or contravenes its provisions.
Article (8) says that this decree shall be published in the Official Gazette and enforced from the date of its issuance, except Article (6), which will be enforced with effect from the date of issuance of Royal decrees related to restructuring of the State’s Administrative Apparatus.