ABU DHABI: The General Pension and Social Security Authority (GPSSA) announced that the Social Protection Fund in Oman has made revisions to the contribution rates for Omani citizens employed in the UAE and covered by the unified extension protection system.
As of 1st January 2024, the new contribution rate for Omanis covered by the extension protection system has become 18.5 percent, out of which both government and private sector employers/entities bear 11 percent and the insured bear 7.5 percent.
Omani citizens who have voluntarily opted to participate in the ‘job security’ system, similar to the unemployment system, bear an additional one percent of the total salary, alongside the deducted monthly contribution percentage.
Moreover, the Protection Fund determined that the contribution percentage for Omani citizens working in the GCC Secretariat General and its affiliated offices in any GCC country is 21.5 percent. Under this arrangement, the Secretariat General bears 14 percent of the contribution, whil
e the insured assumes 7.5 percent.
UAE-based employers are expected to register their Emirati employees within 30 days of joining the entity and to adhere to end-of-service procedures within 30 days. Additionally, entities must pay the due contribution payments on behalf of the insured and themselves within the first 15 days of each month.
The Social Protection Fund in Oman has set several conditions for insured individuals to be registered with a pension authority. Among these criteria is the age-participants must be at least 15 years old at the time of initial registration; the insured must have an employment contract subject to the extension protection system. Registration applications must be submitted within the first 12 months of employment to be considered; any submissions beyond this timeframe will be rejected.
Source: Emirates News Agency