Muscat: The updated retirement savings framework for non-Omani personnel in the Sultanate will take effect on July 19, 2027. Under the regulations of the Social Protection Law, business owners must remit a monthly contribution equivalent to 9% of each employee’s base salary into the fund.<\/p>\n
\u00a0Starting from its effective date, this national savings model will supersede the traditional end-of-service gratuity for all subsequent employment periods. Accumulated principal and investment yields will be distributed in line with the statutory provisions of the Social Protection Law.<\/p>\n
Handling Severance Entitlements Accrued Prior to July 19, 2027 Accumulated gratuities earned before the new system takes effect may be resolved through one of three options:<\/p>\n
Retained by the Organisation: The enterprise retains the accrued amount and disburses it upon final termination of employment. The total payout will be calculated against the employee’s basic pay at the time of departure,adhering to the standard Labour Law.<\/p>\n
Direct Payout: The accumulated severance amount is paid straight into the worker\u2019s bank account when the new system commences.<\/p>\n
Transfer to the Social Protection Fund: The accumulated funds are transferred directly into the individual’s personal account managed by the Social Protection Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"Muscat: The updated retirement savings framework for non-Omani personnel in the Sultanate will take effect on July 19,…\n","protected":false},"author":2,"featured_media":672725,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,60,174,175],"class_list":["post-672724","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/672724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=672724"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/672724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/672725"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=672724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=672724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=672724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}