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SI calculation for Omani nationals from 22% to 18.5% effective 01-Jan-2024

in Payroll and Global Payroll Interface (GPI) 8 comments

Summary:

As per GPSSA, there is change in pension calculation for Omani nationals effective 01-Jan-2024.

When can we expect this to be available in system?

Content (please ensure you mask any confidential information):

As per the latest GPSSA policy for Social Protection Fund, Omani pension contribution for Omani employees who are working in GCC

( government/private sectors ) will have new contribution w.e.f 01/01/2024.


Pension contribution salary Period Employee Share Employer shares Total

Basic Salary 01/01/2007 to 31/01/2011 6.4% 15% 21.4%

Basic Salary+75% Housing & Utilities allowance 01/02/2011 to 31/12/2023 7% 15% 22%

Gross Salary 01/01/2024 onwards 7.5 % 11 % 18.5 %



According to this update, starting from January 1st, 2024, the Pension contributory salary will be calculated based on the Gross Salary of employees. The employee's share will adjust to 7.5%, whereas the employer's contribution will be set at 11%. Consequently, the total Pension contribution for Omani nationals will be 18.5% effective from January 1st, 2024. When this update will be available?

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