(MENAFN- Muscat Daily) Muscat- The total number of pensioners registered with sultanate's pension funds reached 84,479 in 2016 compared to 77,540 in 2015, an annual growth of 8.9 per cent.
According to data published by the National Centre for Statistics and Information (NCSI), the total value of their pension benefits rose to RO399,244,664 in 2016 from RO357,112,286 in 2015, logging an annual growth of 11.8 per cent.
The total number of pensioners registered with the public sector pension funds increased to 69,202 in 2016 compared to 63,349, a growth of 9.2 per cent. Their total entitlements amounted to RO342,049,102 in 2016 compared to the RO307,272,852 in the previous year.
In the private sector too similar progressive changes have been witnessed.
NCSI's data revealed that the total number of pensioners registered in private sector pension funds grew by 7.7 per cent in 2016 to 15,277 compared to 14,191 in 2015 while the total pension payment in 2016 was RO57,195,562 compared to RO49,839,434 in 2015.
The study revealed that 25,424 males retired from service after attaining retirement age whereas resignation was the main reason for women employees to leave the service and their number was 5,027 in 2016.
Compared to the public sector, reasons for leaving the employment differed in private sector. Unlike in 2015, when death was the main reason for ending the service for male employees (5,026), attaining retirement age was the main reason for end of employment for them in 2016 with 5,528 leaving the service. However, among female employees, reaching normal retirement age was the key reason for end of service, and their numbers stood at 1,021 in 2016.
The pension funds also provide protection to Omanis employed in GCC countries and 6,687 beneficiaries enjoy this facility. UAE topped the list with 4,898 Omani workers whereas Bahrain had the lowest number of Omanis at 117.
In 2016, 1,840 insured employees were transferred to the Civil Service Employees Pension Fund and 142 employees were transferred out of it.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.