(MENAFN- Muscat Daily) Muscat- Statistics issued by the Civil Service Employees Pension Fund (CSEPF) shows the number of retirees from January till September 2016 at 3,044. This is a 28 per cent increase on the figures as compared to the same period in 2015.
There are a number of reasons for people to retire from their jobs early, said Khalid Tabouk, a researcher in the Ministry of Social Development.
'There are reasons for early retirement. A retiree may want to either invest or look for a better job opportunity in the private sector to increase his income due to the current economic situation,' Tabouk said.
Some people prefer early retirement because they face pressure at their workplaces, said Mohammed al Hajri, a government sector retiree.
'Besides, there are no incentives to encourage employees to be innovative at work,' he said.
Another retiree, Mohammed al Kathiri said, 'For me early retirement is good because my children need me at this time.'
Marhoon al Saidi, a private sector employee, said, 'Early retirement is a two-edged sword. It becomes something negative if a person has not planned for it, and something positive if that person has an investment strategy or can find another job to increase his income.'
Nasser al Hosani, a government sector employee said, 'Some people in the Eastern societies consider early retirement as the end of life. Others simply prefer a job in the private sector which provides an environment conducive to creativity and thus provides incentives and promotions quickly.'
He added, 'The retirement law also allows a government employee to retire after 20 years of work. It helps him start his own project and invest in it.'
CSEPF stated that during the period the value of retirement pensions rose by 30 per cent and the average age of retirement rose by two per cent.
The Ministry of Education recorded the highest number of retirees at 1,013, followed by the Ministry of Health (398) and the Ministry of Regional Municipalities and Water Resources (187).
Oman Telecommunications Company registered 126 retirees, Sultan Qaboos University 69, and the Ministry of Social Development 60.
These were followed by Oman Post (51), the Ministry of Agriculture and Fisheries (45), the Public Authority for Electricity and Water (42), and the Ministry of Interior (40).
The other ministries recorded 347 retirees. The number of cases of bonuses from January to September 2016 reached 214 and the amount owed to the retirees was RO3,279.051.
Male employees accounted for 53 per cent of the total retirements, with an average pension of RO781 in contrast to RO943 as the average female pension.
Average retirement age for male employees reached 51 years, while for females it was 45. The proportion of retirees who completed their service reached 78 per cent of the total cases during 2016, and their pensions reached 84 per cent of the total amounts due.
The average age of this category was 46 years and the average pension was RO921.
The total number of retirees till September 2016 stood at 48,001.
Figures also show that 31,092 retired when they were alive and the total pensions amounted to RO19,597,880. Some 33,239 people received pensions as inheritance.
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