Middle EastOman restructures pension and social protection system
Reuters
2 minutes read
Oman on Wednesday restructured its pension and social protections systems, part of a reform push by the Gulf Arab state wrestling with an economy battered by low oil prices and the coronavirus pandemic.
The decree issued by ruler Sultan Haitham bin Tariq al-Said established a Social Protection Fund and a Pension Fund for Military and Security Units.
Several existing pension funds would be incorporated into the two funds, state news agency ONA said.
Since coming to power in January 2020, Sultan Haitham has accelerated administrative and economic reforms, including introducing value-added tax.
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