Friday, September 17
02:57 AM

Finance Ministry unveils social security package endorsed by HM

10 Apr 2021 By ONA

The cost of the Social Security Scheme (SSS) package endorsed by His Majesty Sultan Haitham bin Tarik stands at over RO100mn, said the Ministry of Finance in a statement on Thursday.

Economic and social initiatives endorsed by His Majesty the Sultan earlier will continue to apply until the finalisation of the SSS that the government is establishing to serve as a durable scheme sustaining all current and past services, programmes and networks of social security.

The package also directs the Ministry of Commerce, Industry and Investment Promotion (acting in coordination with other government departments concerned) to study and rectify the status of companies adversely affected by the current economic challenges.

The step also enhances the stability of the labour market and ensures the contribution of companies to the role to be undertaken by the private sector in supporting balanced economic growth in accordance with the priorities of Oman Vision 2040. 

What the package offers

Enhances support given to programmes of Ministry of Social Development related to handling of insolvent cases.

Absolves all citizens whose monthly income is less than RO350 from debts of the soft housing loans programme of the Ministry of Housing and Urban Planning.

 Writes off all outstanding dues of all citizens benefitting from two programmes known as ‘Sanad Programme’ and ‘Livelihood Resources Programme’.

 Provides interest-free financial incentives through Oman Development Bank for those self-employed, including sales and mobile services, household chores, owners of taxis licensed to work in hotels and airports, women’s projects, workers in the field of fishing – all in accordance with the principles to be announced by the bank.

 Launches an emergency financing programme for entrepreneurs holding Riyada cards, via the Small and Medium Enterprises Development Authority, in accordance with the regulations to be announced by the authority.

 Extends the period of disbursing the ‘Job Security Benefit’ for applications that meet the prescribed terms and conditions while at the same time accepting belated applications that are received beyond the deadline. The extension continues till the end of 2021.

Expands the list of basic food commodities charged zero per cent value-added tax (VAT) from 93 to 488.

The governmentbears the cost of the VAT charged against electricity and water services for all citizens who own two accounts or less of the residential category. This includes families that were previously eligible for government support for the two services.

Increases the volume of subsidised fuel to be consumed by holders of the National Support Card from 200lt to 400lt per month.

The government bears the cost of the VAT towards that amount so that it remains at the same subsidised price of 180bz/l.

 

 

 

© 2021 Apex Press and Publishing. All Rights Reserved.