Muscat: Since its inception this year, the Social Protection Fund has been instrumental in the implementation of the provisions outlined in the "Social Protection Law." This initiative has encompassed the establishment of social insurance and social protection schemes, laying the foundation for safeguarding individuals and their family members against various life risks, all within the context of a comprehensive social protection framework.
On the 1st of January, 2024, the "Social Protection Fund" commenced the execution of the Social Protection Law, facilitating the direct provision of cash benefits to eligible individuals across diverse societal segments.
The assistance provided is distributed across specific portfolios of "schemes," as detailed below. These schemes are entirely funded by the public treasury, which has introduced support programs for individuals with disabilities, children, the elderly, orphans, and widows.
By the end of October 2024, a total of 1,232,283 individuals had benefited from the "Childhood Scheme," which is available to all Omani children from birth until the age of eighteen. Additionally, 167,527 individuals gained access to the "Scheme of the Elderly," with 41,256 beneficiaries receiving aid for "Persons with disabilities," and approximately 16,325 individuals benefiting from support for orphans and widows by the same date.
The "Family Income Support Scheme" was introduced as an enhancement to the Social Protection System's programs, aimed at providing protection for individuals from childhood to old age. This scheme seeks to bridge the financial gap between the actual income of the lowest-income groups in Oman and their target income, as specified in the Social Protection Law.
By the end of October 2024, over 42,510 beneficiaries had utilized the "Family Income Support Scheme," bringing the total number of individuals accessing social protection schemes to 1,499,901.
Regarding social insurance programs underpinned by "Employer Contributions," these encompass a comprehensive array of benefits including insurance for the elderly, protection against disability and death, coverage for work-related injuries and occupational diseases, job security insurance, maternity leave insurance, sick leave and unscheduled leave insurance, alongside the Savings System.
The total number of active insured individuals within the private sector, specifically within the insurance segment for the elderly, disability, and death, amounted to approximately 259,577. This figure was further augmented by about 190,420 individuals active in the government sector and 38 individuals insured abroad.
Within the Gulf Cooperation Council (GCC) states, the count of Omani insured individuals employed across various sectors reached approximately 6,194 beneficiaries. Similarly, the insurance coverage for self-employed Omanis and those in a comparable standing saw a significant number of beneficiaries, standing at about 120,926. The Omani retiree population surpassed 89,680 individuals, with the pension entitlement reaching 69,127.
By the close of 2023, the Investment Integration and Management Team commenced the formulation of an "asset transfer strategy," initiating the asset transfer process in January 2024. By the end of October 2024, this process had successfully covered 99.8 percent of the Social Protection Fund's total assets.
The transition to digital platforms achieved a rate of 63 percent by the year's end, with 20 projects executed as part of the strategy for the fiscal years 2024-2025. This period saw the achievement of 100 percent of the project targets for the year 2024, representing 51 percent of the strategy's overarching objectives.
In the fiscal year 2024, the Social Protection Fund established connections with 12 government institutions, marking a significant advancement in extending protection to Omani citizens. This development underscores the profound focus on social welfare aspects, in alignment with His Majesty Sultan Haitham bin Tarik's vision for Oman Vision 2040, as enshrined in the Basic Law of the State.
