استمع
Provident Scheme

This is a fixed-contribution system used to cover the end-of-service incentive for non-Omani personnel. The savings program can also be used as a supplement to pension plans that have received additional coverage to obtain additional amounts upon retirement or separation in the form of a one-time or multi-year scheduled monthly benefit that increases the value of the pension or allows the insured person to retire early. The initiatives are also regarded as an investment vehicle for additional payments over the wage ceiling for the elderly, as well as a disability and death insurance policy.

Categories included:
  • It is mandatory to cover non-Omani workers within the limitations of the basic wage, and it must be applied to this category within three (3) years of the Social Protection Law’s enactment.
  • It is optional for Omanis under social insurance branches non-insured Omanis.
Receivables:
  • Total subscriptions and deposits in the personal account and their investment returns. They can be paid in one single payment or in monthly or annual instalments until the savings run out.
Required documentation:
  • The civil number, ensuring that the data in the Royal Oman Police’s civil registration regarding contact, residence, and other information is valid.
  • The beneficiary must have a personal bank account.
Eligibility Conditions:
  • The end of employment relationship with the non-Omani employee unless he/she is engaged in another employment contract.
  • The end of the Omani saver’s service and his or her eligibility for pension, with the exception of the permanent partial occupational disability pension, or if he is entitled to pension loss bonus.
  • Payment of monthly subscriptions or deposits for a minimum of one hundred and eighty (180) months.
  •  The saver’s death, in which case the savings are distributed to the legal heirs and in case of non-availability of beneficiaries, the savings are transferred to the savings system  as per the provisions of this paragraph.
  • Permanent disability
How to apply:

You need to access the personal account in the Social Protection Fund and file an application for payment on the date that the Fund will announce.