Oman Investment Authority launches project to rationalise compensation and benefits of State-Owned Enterprise employees

SourceTimes of Oman

Muscat: Oman Investment Authority (OIA) has announced the completion of its project to rationalise compensation and benefits for employees of State-Owned Enterprise (SOEs), as part of OIA’s approach to promote profitability, efficiency, and productivity of SOEs in various aspects. The project aims to rationalise salaries, allowances, and benefits in a realistic approach in accordance with the dynamics that the Omani economy is facing. In addition, the project aims to enhance financial sustainability through the projected savings from this scheme, taking into account compensation and benefits competitiveness in some sectors. The new scheme will be effective from April 1st of this year. Planning of the project started in July of last year, when OIA commissioned Takatuf, one of its subsidiaries, to conduct a comprehensive study of SOEs within three main aspects; Human Resources Policies, Compensation and Benefits, and Organisation Structures.

Takatuf also studied the best practices of governance of those aspects globally for SOEs, which covered a number of member states of the Organisation for Economic Co-operation and Development. In light of these studies, a regulatory framework has been produced that takes into account introducing an Omani standard of reference that fits within the national economy and puts in consideration the more...