MUSCAT: His Majesty Sultan Haitham bin Tarik on Monday (August 17) issued Royal Decree No 82/2020 approving the Job Security Fund. His Majesty also donated OMR 10 million towards the Fund. But what is Job Security Fund?
The long-awaited scheme which will be implemented in phases from November 2020, will support the Omani citizens who are terminated from their jobs for different reasons.
The Job Security Fund is supervised by the Public Authority for Social Insurance (PASI), the Ministry of Manpower, and the National Employment Center (NEC). “Job Security Fund will protect those who lost jobs especially during the coronavirus crisis and job seekers in future,” said Dr. Faisal bin Abdullah Al Farsi, Director General at PASI.
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The second phase of the scheme will be implemented after three years and will benefit job seekers.
The scheme will be funded by both government and private sectors as every employee will have to contribute OMR 1 out of every OMR 100 of his monthly salary.
According to the Government Communication Centre (GC), NEC will help in finding the jobs for the laid-offs, while financial aids will be distributed to the terminated workers until they join the new work. However, “the period does not exceed six months and the fund will be given at an exchange rate of 60 per cent of the monthly salary that the person used to receive,” GC said.
“This is a national initiative and a much needed one,” added Al Farsi.
