Oman introduces mandatory savings scheme for expat workers from July 2027
Dubai: Oman has introduced a mandatory savings scheme for expatriate workers, requiring employers to contribute 9 per cent of their monthly basic salaries to a government-regulated fund from July 19, 2027, in a major reform aimed at protecting end-of-service benefits and strengthening financial security. The new Provident Fund Scheme will replace the traditional end-of-service gratuity system for…
Oman has implemented a mandatory savings scheme for expatriate workers, requiring employers to contribute 9% of each employee's monthly basic salary to a government-regulated fund starting July 19, 2027. This reform aims to protect end-of-service benefits and enhance financial security for foreign workers. The new Provident Fund Scheme will supplant the traditional end-of-service gratuity system, enabling workers to amass savings and investment returns throughout their employment.
The Social Protection Fund (SPF) will oversee the implementation, safeguarding benefits earned before the new system's start and providing options for settling accumulated gratuities under the existing system.
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