MUSCAT : The Oman Investment Authority on Thursday announced the restructuring of salaries, bonuses and incentives of employees working in state-owned companies (SOEs).
The announcement from OIA comes as part of introducing corporate governance and performances of companies in various fields to enhance profits, efficiency and productivity.
“The project aims to rationalise salaries, allowances, and benefits in a realistic approach in accordance with the dynamics that the Omani economy is facing. In addition, the project aims to enhance financial sustainability through the projected savings from this scheme, taking into account compensation and benefits competitiveness in some sectors,” the statement from OIA said.
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The new scheme will be effective from April 1st of this year.
“Planning of the project started in July of last year, when OIA commissioned Takatuf, one of its subsidiaries, to conduct a comprehensive study of SOEs within three main aspects; Human Resources Policies, Compensation and Benefits, and Organisation Structures. Takatuf also studied the best practices of governance of those aspects globally for SOEs, which covered a number of member states of the Organisation for Economic Co-operation and Development,” OIA added.
