Job security system will achieve social, economic benefits: PASI

Muscat: The job security system will achieve social and economic advantages and will aid in addressing the implications of the risks for those who have lost their jobs and lost their source of income, the Public Authority for Social Insurance (PASI) announced.

According to PASI, subscriptions to the system include the Omani workforce in all work sectors within the Sultanate (public sector, military, security and private sector).

Starting from November, those laid off from work collectively will benefit from the system, and later the system will cover job seekers for the first time.

According to the report issued by the Public Authority for Social Insurance, on 1st January 2021, the authority will start collecting the contributions stipulated for the system.

"The employers will be obligated to pay 1 per cent of the insured's monthly subscription wage, and the insured will be obligated to pay one per cent of his monthly subscription wage, and five per cent will be added to the fee for each license or renewal of the expats manpower recruitment license related to commercial business to finance the system."

PASI added, "The job security system is a national project based on social solidarity, and its idea is based on providing social protection for Omanis who have been discharged from their work collectively for reasons beyond their control so that the system works to bridge the transitional gap between the previous job and the opportunity to obtain a new job. By providing an income that guarantees a decent standard of living for them and their families for a specified period from the salary that he was receiving, as well as helping them search for job opportunities."

The job security system benefit is paid for a maximum period of six months at the rate of 60 per of the average contribution wage during the 24 months preceding the termination of service, provided that the value of the benefit is not less than the minimum pension stipulated in the Social Insurance Law.

"The system is applied in many countries of the world as it is a form of social protection, in addition to that, it is one of the mechanisms for managing the labour market and achieves positives affect socially and economically and will help address the effects of the risks of termination of workers service," the authority official explained.