Ensuring Social Protection: SPF Makes Insurance Mandatory for Self-Employed Omanis
Muscat – In a move to provide comprehensive social protection, the Social Protection Fund (SPF) has made insurance mandatory for self-employed Omanis.
Effective immediately, this requirement applies to individuals with commercial records and licenses for their professions and activities. Whether initiating their first activity or obtaining a license, self-employed Omanis must now have insurance coverage.
While the insurance system remains optional for retirees and those already covered in government or private sectors, including individuals with additional jobs, it is now mandatory for self-employed individuals in various fields. This includes business owners, legal practitioners, medical professionals, engineers, accountants, auditors, and freelancers in different industries. Also covered are those involved in trade, industry, agriculture, fishing, and public transportation driving, among others.
An SPF official highlighted the significance of this insurance system, emphasizing its role in providing social protection against risks associated with aging, disability, and death. “The insurance ensures a dignified livelihood, guaranteeing individuals a sense of security and stability,” the official stated.
Under this comprehensive insurance umbrella, self-employed individuals are entitled to a retirement pension based on various factors such as age, type of risk, length of service, and income level. The system aims to secure their future and empower them to sustain their livelihoods.
To ensure equitable participation and maintain the system’s sustainability and effectiveness, a minimum monthly contribution of RO5.5 is required from individuals.