Latest news with #SocialProtectionLaw
Observer
5 days ago
- Business
- Observer
RO 2.1 billion disbursed in subsidies last year
MUSCAT, JUNE 3 Oman allocated more than RO 2.1 billion in 2024 to fund targeted support across critical sectors and public welfare programmes, as part of its broader fiscal strategy to promote economic resilience and social stability. According to official data released by the Ministry of Finance, the largest share—RO 565 million—was directed to the electricity sector to maintain affordability and ensure continued access to essential services. The government also committed RO 501 million to bolster the national social protection system, in line with the objectives of the Social Protection Law and Oman Vision 2040. In a move to strengthen fiscal health, RO 400 million was allocated for debt servicing. The petroleum sector received RO 232 million in fuel subsidies, helping cushion consumers from international price fluctuations. Key utilities and infrastructure were also prioritised. The water and sanitation sector was allocated RO 203 million, while the waste management sector received RO 71 million. The transport sector was granted RO 84 million to support mobility and logistics development. To ease the cost of living, the government allocated RO 24 million for food subsidies and RO 41 million to support interest payments on housing loans for eligible citizens. An additional RO 47 million was distributed to support other essential public services and initiatives. These allocations demonstrate Oman's commitment to maintaining essential public services while supporting vulnerable groups and advancing infrastructure investment. The 2024 spending priorities align closely with the nation's long-term development goals under Oman Vision 2040, which seeks to achieve balanced growth, fiscal sustainability, and improved quality of life.
Observer
29-04-2025
- Business
- Observer
Shura Office reviews responses to parliamentary questions
MUSCAT: The Office of Majlis Ash'shura held its tenth meeting of the second regular session of the tenth term (2023–2027), under the chairmanship of Khalid bin Hilal al Maawali, Chairman, on Tuesday. During the meeting, the office reviewed the Council of Ministers' response to the expressed desire on the residential cities in the Sultanate of Oman. In its response, the Council of Ministers said that the government continued to implement strategic programmes and plans to achieve sustainable urban development and improve the use of land and resources within the framework of the National Urban Development Strategy 2040. The office also discussed the request submitted by the Economic and Financial Committee regarding the repercussions of recent public offerings of government-owned companies on the investment landscape on the Muscat Stock Exchange. The committee's report included the views of the hosted entities including Oman Investment Authority, Muscat Stock Exchange and the Financial Services Authority. Also discussed was the committee's proposed recommendations to enhance investor confidence and achieve privatisation objectives. The meeting also reviewed the response of the Secretariat-General of the Tender Board to a request for a briefing regarding allocating procurement and tenders to small and medium-sized enterprises (SMEs). The office also reviewed the response of the Minister of Education regarding the Educational Measurement and Evaluation Centre, which outlined the Ministry's efforts to develop the evaluation system in accordance with international best practices. It also discussed the reasons for the delay in approving the centre's structure and determining its administrative affiliation. The office discussed the Ministry of Education's response to a request for briefing regarding the replacement of expatriate engineers. The response included employment statistics, replacement efforts, and the challenges associated with employing Omanis in engineering jobs. The office also reviewed the response of the Minister of Higher Education, Research and Innovation regarding national replacement programmes in private universities, and the response of the Minister of Social Development regarding the Social Protection Law.
Zawya
11-03-2025
- Business
- Zawya
Oman: Social protection allowances enhance spending power
The recent announcement regarding the spending of over RO 577 million for social protection allowances in Oman signifies a strategic investment aimed at bolstering the economy and addressing socio-economic challenges. Like many countries, Oman faces unemployment, inflation and disparities in income distribution. The government's decision to allocate substantial funds towards social protection allowances is a response to these issues, aiming to provide financial support to vulnerable segments of society. One of the primary effects of injecting RO 577 million into social protection allowances is the enhancement of consumer spending power. When individuals receive financial assistance through welfare programmes, they are more likely to spend the money on essential goods and services. This increase in consumer spending can stimulate demand within the economy, leading to several positive outcomes. As households receive additional income from social protection allowances, they are likely to purchase more goods and services. This increased demand can benefit local businesses and contribute to economic growth. The initial increase in consumer spending can lead to a multiplier effect within the economy. Businesses experiencing higher sales may need to hire more employees or increase production, which further stimulates economic activity. By directing funds towards social protection allowances, the government is effectively supporting local economies. Increased spending by consumers can help sustain businesses and create jobs within communities. Investing in welfare programmes not only enhances individual well-being, but also promotes broader economic stability. Social protection allowances can help lift individuals out of poverty by providing them with necessary financial resources. Reducing poverty levels contributes to a more stable society and decreases reliance on emergency assistance programmes. Financial support also allows families to access better healthcare services and nutrition, leading to improved health outcomes overall. A healthier population is generally more productive and contributes positively to economic growth. By addressing socio-economic disparities through targeted welfare programmes, the government fosters social cohesion among different segments of society. This cohesion can lead to a more harmonious environment conducive to economic development. Oman's commitment to expanding its social protection system through an investment of over RO 577 million demonstrates a proactive approach towards addressing socio-economic challenges faced by its population. The anticipated influx of cash into the economy is expected to enhance consumer spending power significantly, fostering economic growth while promoting individual well-being and broader economic stability. More than 1.5 million people have directly benefited from the Social Protection Fund (SPF) till January this year. The Social Protection Law, which came into effect on January 1, 2024, introduced direct cash benefits for eligible segments of society through SPF to provide a comprehensive social safety net for citizens across various stages of life. These benefits, fully funded by the state's public treasury, cover persons with disabilities, children, the elderly, orphans and widows. Its aim is to ensure decent living standards and sustainable well-being for citizens, in alignment with Oman Vision 2040. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
10-03-2025
- Business
- Observer
Social protection allowances enhance spending power
The recent announcement regarding the spending of over RO 577 million for social protection allowances in Oman signifies a strategic investment aimed at bolstering the economy and addressing socio-economic challenges. Like many countries, Oman faces unemployment, inflation and disparities in income distribution. The government's decision to allocate substantial funds towards social protection allowances is a response to these issues, aiming to provide financial support to vulnerable segments of society. One of the primary effects of injecting RO 577 million into social protection allowances is the enhancement of consumer spending power. When individuals receive financial assistance through welfare programmes, they are more likely to spend the money on essential goods and services. This increase in consumer spending can stimulate demand within the economy, leading to several positive outcomes. As households receive additional income from social protection allowances, they are likely to purchase more goods and services. This increased demand can benefit local businesses and contribute to economic growth. The initial increase in consumer spending can lead to a multiplier effect within the economy. Businesses experiencing higher sales may need to hire more employees or increase production, which further stimulates economic activity. By directing funds towards social protection allowances, the government is effectively supporting local economies. Increased spending by consumers can help sustain businesses and create jobs within communities. Investing in welfare programmes not only enhances individual well-being, but also promotes broader economic stability. Social protection allowances can help lift individuals out of poverty by providing them with necessary financial resources. Reducing poverty levels contributes to a more stable society and decreases reliance on emergency assistance programmes. Financial support also allows families to access better healthcare services and nutrition, leading to improved health outcomes overall. A healthier population is generally more productive and contributes positively to economic growth. By addressing socio-economic disparities through targeted welfare programmes, the government fosters social cohesion among different segments of society. This cohesion can lead to a more harmonious environment conducive to economic development. Oman's commitment to expanding its social protection system through an investment of over RO 577 million demonstrates a proactive approach towards addressing socio-economic challenges faced by its population. The anticipated influx of cash into the economy is expected to enhance consumer spending power significantly, fostering economic growth while promoting individual well-being and broader economic stability. More than 1.5 million people have directly benefited from the Social Protection Fund (SPF) till January this year. The Social Protection Law, which came into effect on January 1, 2024, introduced direct cash benefits for eligible segments of society through SPF to provide a comprehensive social safety net for citizens across various stages of life. These benefits, fully funded by the state's public treasury, cover persons with disabilities, children, the elderly, orphans and widows. Its aim is to ensure decent living standards and sustainable well-being for citizens, in alignment with Oman Vision 2040.
Times of Oman
27-02-2025
- Business
- Times of Oman
‘Together We Progress' forum :HH Sayyid Theyazin emphasises government-citizen dialogue
Muscat: His Highness Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports, and Youth, emphasised the importance of enhancing dialogue between the government and citizens in all decision-making processes. during the third dialogue session on "Together We Progress" forum. His Highness mentioned the collaboration with the Ministry of Education to support talented individuals from a young age, affirming the ministry's desire to discover talents, whether in sports or culture. HH said: 'The military discipline program last year saw the participation of approximately 700 students, a valuable experience that builds and hones the youth, preparing them to face future challenges.' He also noted that the current focus is on the sports city, with the main component being the football stadium, which will enable Oman to host regional matches. H.E. the Minister of Labor stated that employment in the government sector is based on actual needs, especially in the health and educational fields, which account for around 6,000 jobs annually, with a similar number in the military sector. H.E. the Undersecretary of the Ministry of Labor for Human Resources Development pointed out that vocational education graduates are well-received for employment in some government and private sectors. There are over 8,000 students in 8 colleges, and there is a move to evaluate the training system in Oman at both the government and private levels and vocational training. The Undersecretary noted that the economic movement in Oman has resulted in new investments, which will take time to reflect in terms of employment. H.E. the Minister of Energy and Minerals and Chairman of the Social Protection Fund Board explained during the second dialogue session on the retirement system within the "Together We Progress" forum that the total number of beneficiaries of the fund's benefits, including the elderly, children, people with disabilities, widows, orphans, and family income, has reached over 1,472,000 beneficiaries as of this February. He emphasized that efforts are ongoing to develop the social protection system, and feedback and suggestions from the community are being monitored to improve the system. The CEO of the Social Protection Fund indicated that the Social Protection Law focuses directly on families through some provided benefits. He noted that the number of Omanis insured under the Social Protection Fund has reached approximately 590,000 in all social insurance programs.
