Muscat – As of February this year, the Social Protection Fund reached 1,472,000 beneficiaries, with the benefits encompassing provisions for the elderly, children, persons with disabilities, widows, orphans, and families with limited income.

The announcement was made during the second dialogue session on the retirement system at the ongoing ‘Together We Progress’ Forum.

His Excellency Salim Al Aufi also confirmed that work is underway to develop the social protection system, and that community comments and suggestions are being monitored to improve the system.
Addressing the issue of retirement age, he noted the importance of studying the effects of setting the retirement age, whether early or regular, stressing that lowering the age results in an increase in the financial obligations of the Fund.

He explained that high benefits versus low contributions can lead to a financial deficit in the future. Any decision regarding the retirement age must be based on accurate scientific studies that take into account the sustainability of the fund, he explained, pointing out that there are currently insufficient studies to definitively determine the appropriate age.

It is necessary to balance decisions so that they do not lead to a significant increase in employee contributions, he stressed.