Insurance made mandatory for self-employed Omanis

Social Protection Fund (SPF) has made insurance mandatory for self-employed Omanis in a move to provide comprehensive social protection.

This requirement applies to individuals with commercial records and licences for their professions and activities. The mandate takes effect from the date of initiating the first activity or upon obtaining the licence.

The insurance system remains optional for retirees, those already insured in government sectors (civilian, military or security) or the private sector, including those working additional jobs at institutions, charitable societies or managing private businesses.

Categories covered under the system include business owners, legal practitioners, medical professionals, engineers, accountants, auditors and freelancers in various fields. Individuals required to register include those involved in trade, industry and other economic activities, as well as partners in commercial entities except public joint-stock companies. The system also covers self-employed individuals in professions like fishing, agriculture and public transport driving.

An SPF official emphasised the importance of the new insurance system, noting its role in providing social protection against risks associated with aging, disability and death. "The insurance ensures a dignified livelihood, guaranteeing individuals a sense of security and stability," the official said.

Under the comprehensive insurance umbrella, individuals are entitled to a retirement pension based on their specific circumstances, including age, type of risk, length of service and income level. The system aims to secure their future and empower them to pursue their livelihoods sustainably.

The minimum monthly contribution required is RO5.5, ensuring equitable participation while maintaining the system's sustainability and effectiveness.