To­tal pen­sion­ers at 84,479, ben­e­fits cross RO399mn

Muscat Daily - - NATION -

Mus­cat - The to­tal num­ber of pen­sion­ers reg­is­tered with sul­tanate’s pen­sion funds reached 84,479 in 2016 com­pared to 77,540 in 2015, an an­nual growth of 8.9 per cent.

Ac­cord­ing to data pub­lished by the Na­tional Cen­tre for Statis­tics and In­for­ma­tion (NCSI), the to­tal value of their pen­sion ben­e­fits rose to RO399,244,664 in 2016 from RO357,112,286 in 2015, log­ging an an­nual growth of 11.8 per cent.

The to­tal num­ber of pen­sion­ers reg­is­tered with the public sec­tor pen­sion funds in­creased to 69,202 in 2016 com­pared to 63,349, a growth of 9.2 per cent. Their to­tal en­ti­tle­ments amounted to RO342,049,102 in 2016 com­pared to the RO307,272,852 in the pre­vi­ous year.

In the pri­vate sec­tor too sim­i­lar pro­gres­sive changes have been wit­nessed.

NCSI’s data re­vealed that the to­tal num­ber of pen­sion­ers reg­is­tered in pri­vate sec­tor pen­sion funds grew by 7.7 per cent in 2016 to 15,277 com­pared to 14,191 in 2015 while the to­tal pen­sion pay­ment in 2016 was RO57,195,562 com­pared to RO49,839,434 in 2015.

The study re­vealed that 25,424 males re­tired from ser­vice after at­tain­ing re­tire­ment age whereas res­ig­na­tion was the main rea­son for women em­ploy­ees to leave the ser­vice and their num­ber was 5,027 in 2016.

Com­pared to the public sec­tor, rea­sons for leav­ing the em­ploy­ment dif­fered in pri­vate sec­tor. Un­like in 2015, when death was the main rea­son for end­ing the ser­vice for male em­ploy­ees (5,026), at­tain­ing re­tire­ment age was the main rea­son for end of em­ploy­ment for them in 2016 with 5,528 leav­ing the ser­vice. How­ever, among fe­male em­ploy­ees, reach­ing nor­mal re­tire­ment age was the key rea­son for end of ser­vice, and their num­bers stood at 1,021 in 2016.

The pen­sion funds also pro­vide pro­tec­tion to Oma­nis em­ployed in GCC coun­tries and 6,687 ben­e­fi­cia­ries en­joy this fa­cil­ity. UAE topped the list with 4,898 Omani work­ers whereas Bahrain had the low­est num­ber of Oma­nis at 117.

In 2016, 1,840 in­sured em­ploy­ees were trans­ferred to the Civil Ser­vice Em­ploy­ees Pen­sion Fund and 142 em­ploy­ees were trans­ferred out of it.

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