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Social Insurance payments can be deferred in Oman | Times of Oman

By: Times News Service
Representative image
Muscat: The Public Authority of Social Insurance (PASI) has allowed companies to postpone the payment of insurance contributions to their employees as part of facilities provided to employers and the insured employees to support recovery efforts and enhance institutional performance.
A statement issued online by the Public Authority for Social Insurance said: The authority will be postponing the payment of the monthly contributions due for the period from January to December 2021 (which is optional for institutions). Exemption of employers from additional amounts incurred as a result of their delay in paying contributions due during the period from January 2021 until the end of December 2021 has also been provided.” ....

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The Middle East Times - International

The Middle East Times - International
mideast-times.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mideast-times.com Daily Mail and Mail on Sunday newspapers.

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His Majesty issues Royal Decree on retirement, social security systems| Times of Oman

By: ONA
Muscat: His Majesty Sultan Haitham Bin Tarik on Wednesday issued a Royal Decree, No. 33/2021, on systems of retirement and social security.
Article (1) establishes a fund to be named “Social Security Fund”, to have a legal identity, enjoy financial and administrative independence and report to the Council of Ministers. Its system (bylaw) shall be issued under a Royal Decree.
Article (2) establishes a fund to be named “Military And Security Services Retirement Fund”, to have a legal identity, enjoy financial and administrative independence and report to the Council of Ministers. Its system (bylaw) shall be issued under Royal Decree.
Article (3) states that a committee to be formed under a decision by the Council of Ministers shall undertake the supervision of drafting necessary regulations and finalising all procedures related to transferring to the two funds stated in Articles (1) and (2) of this decree all the missions, specialisations/prerogative ....

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NBO posts net profit of OMR18.1 million in 2020

NBO posts net profit of OMR18.1 million in 2020
By: Times News Service
Muscat: National Bank of Oman (NBO) held its Annual General Meeting this week. Conducted remotely, the meeting was attended by board members, senior management and shareholders, and included the declaration of OMR 422,000 to be allocated for community support services over the coming year, in addition to last year’s financial ;;.
In 2020, NBO achieved a net profit of OMR18.1 million, a satisfactory yield given the lower-income and higher loan impairment charge, mainly arising out of the COVID-19 pandemic. During the meeting, the bank also introduced three new board members, namely Dr Ghazi Nasser Al Alawi, Said Hilal Al Habsi, who were appointed in May 2020, and more recently, Nabil Al Mahrouqi. ....

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